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October 3, 2023

China
China Isn't Shifting Away From the Dollar or Dollar Bonds

China's reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians. The available evidence suggests that it still holds about 50 percent of it…

U.S. Portfolio vs. China's Reserves and Other Foreign Assets

August 22, 2023

United States
The Future of Dollar Hegemony

The United States has benefited from the dollar’s dominance of global markets for decades. Washington should be wary of squandering those benefits through political infighting and reckless policymaki…

dollar

September 27, 2023

South Korea
The Camp David Trilateral Summit Expands Trilateralism Beyond North Korea

The inclusion of China in addition to North Korea as a shared security concern among the United States, South Korea, and Japan has established a new milestone for strengthened trilateral cooperation…

U.S. President Joe Biden, Japanese Prime Minister Kishida Fumio, and South Korean President Yoon Suk Yeol arrive for a joint press conference during the trilateral summit at Camp David on August 18, 2023.

August 17, 2023

South Korea
The Trilateral Summit at Camp David: Institutionalizing U.S.-Japan-South Korea Coordination

The U.S.-Japan-South Korea summit at Camp David reflects trilateral institutionalization. However, the real threat to effective trilateralism lies in the domestic political environments of the three …

U.S. President Joe Biden, Japan's Prime Minister Fumio Kishida, and South Korea’s President Yoon Suk Yeol on the day of trilateral engagement during the G7 Summit in Hiroshima, Japan, on May 21, 2023.

August 12, 2020

United States
Weaker Dollar Means More Dollar Reserves

Large increases in dollar reserves tend to come during periods of dollar weakness, not periods of dollar strength. That is for a simple reason: many export-heavy countries still intervene heavily in …

Weaker Dollar Means More Dollar Reserves

March 10, 2024

China
China’s Record Manufacturing Surplus

The U.S. likes talking about the dominance of the dollar. But don’t short-change China’s current dominance of manufacturing trade. Trade imbalances need to be taken seriously again.

Manufactured Goods Surpluses