After a exponential rise in foreign exchange reserves accumulation by emerging markets from 2000 onwards, the tide seems to have turned south since mid-2014.
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The vote by the U.S. Senate to proceed with sanctions to "punish" China for its currency policy is hypocritical and is a further sign of Washington's inability to deal with U.S. economic problems.
Growing global reach is an important tenet of China's quest for comprehensive national power, but it is unlikely that even the Chinese expected the accumulation of $2.3 trillion of foreign exchange reserves.
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