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There was also nothing agreed on the longer-term challenges to the relationship, for example Chinese exchange rate policy.

They’re dependent on numerous factors that may have less to do with economic growth as such than with factors such as currency exchange rates.

Meant as a temporary measure, the so-called Nixon shock of 1971 caused the dollar to drop, effectively ending the Bretton Woods system of fixed exchange rates established after the end of World War II.

“In March, China bought more soybeans from Brazil in one month than ever in their history. Favorable exchange rates and no tariff barriers led to that procurement behavior,” he said.

Central banks use US dollars in international transactions, to pay for international debt, or to support domestic exchange rates.