The Analysis Of The Exchange Rate Dispute Between China And U.S. Under The U.S. Dollar Hegemony

This article closely combines with the objective facts of the dollarhegemony in the international monetary system and the RMB plightunder the dollar hegemony system, and analyzes the dispute betweenChina and U.S. with clues of the development of dollar hegemony andthe historical process of the exchange rate dispute between China andU.S. The dollars hegemonic status was not changed even after theglobal financial crisis in2008. The RMB exchange rate regime faced themirror under this environment. With America continuing to put pressureon the RMB, China responded actively. Analyze exchange rate gamefrom the United States and China in two angles, and finally make asummary of the countermeasures of Chinas RMB exchange ratesystem.The paper is divided into three parts: introduction, body andconclusions. The body structure is divided into four chapters. In thispaper, main ideas are as follows:Chapter I introduces the main contentof the background, the research purpose and meaning, and thedomestic and foreign status at this stage, the research methodologyand framework structure, new insights and inadequacies.Chapter IIanalyzes the international environment of the current exchange ratedispute between China and America. It means the international monetary system as the core of dollar hegemony. Analyze the U.S.dollar hegemony system from the establishment of the “Bretton Woods”system and the initial formation of dollar hegemony system to dollarhegemony system’s development and evolution, and the maintainingof dollar hegemony after the financial crisis.Chapter III analyzes thecurrent RMB exchange rate system difficulties faced by the U.S. dollarhegemony system, such as high savings dilemma, the RMB floating fear,the plight of the flexible exchange rate regime of price stability andexchange rate stability. The existing international monetary system is thefundamental reason why RMB exchange rate system is facingdilemma.Chapters IV and V discusses the exchange rate gamebetween China and America. Chapter IV analyzes the America’s originand motivation of putting pressure on the RMB; Chapter V analyzesChina how to deal with the United States pressure. In fact, Chinasresponse to the pressure of the U.S. exchange rate is just the process ofthe RMB exchange rate system reform. Chinas exchange rate reform isconsidering the external pressures and domestic factors to adjust thedifferent policies.Chapter VI is the conclusions. It summarizes the short,medium and long-term goal of the reform of RMB exchange rateregime. The RMB needs to improve the foreign exchange managementsystem, expand the scope of RMB settlement, and internationalize theRMB step by step, so as to be more conducive to the development ofthe RMB.