McKinnon, Ronald I.; Schnabl, Gunther - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
China’s financial conundrum arises from two sources: (1) its large trade (saving) surplusresults in a currency mismatch … because it is an immature creditor that cannot lend in its own currency. Instead foreign currency claims (largely dollars … transformed from a deflationary force on American and Europeanprice levels into an inflationary one. Because of the currency …