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For the better part of the past decade, the world economy has been dominated by a world economic order that combined Chinese export-led development with US overconsumption. First, the scale of Chinese currency intervention was without precedent, as were the resulting distortions of the world economy. Second, the Chinese have so far resisted the kind of currency appreciation to which West Germany and Japan consented. The authors conclude that Chimerica cannot persist for much longer in its present form.
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