Is the accumulation of reserves in East Asia the consequence of deliberate undervaluation of the corresponding currencies leading to large current account surpluses, or is it due to the need for the United States to finance its external imbalance, or yet again to capital inflow in the region in anticipation of currency revaluations? Will appreciation of the renminbi by itself be a solution to the Unites States' external imbalance? If not, what policies would? What will happen to long term interest rates and exchange rates if a more flexible exchange rate system in China leads to some diversification of international reserve holdings away from the US dollar towards the euro or the yen? The seventh title in the ICMB/CEPR series of Geneva Reports on the World Economy addresses these questions and reaches the following conclusions: l) The reserve build up is not driven by deliberately undervalued exchange rates. Recent increases in reserves have been the result more of capital...

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