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China's dangerous dollar addiction should worry Asia

Concerns behind Xi Jinping's Davos speech are becoming clearer

| China
A bank clerk counts dollar banknotes next to stack of 100 yuan notes at a bank outlet in Haian: China faces some difficult choices because it does not have true monetary independence.   © Chinatopix/AP

Andrew Hunt is CEO of Hunt Economics and former adviser to Dresdner Asset Management in Asia. Ben Ashby is a former managing director in JPMorgan's Chief Investment Office.

For all the talk of the inevitability of China's rise or this being Asia's century, President Xi Jinping's January address to the World Economic Forum warning Western economies not to "slam on the brakes or take a U-turn in their monetary policies," highlighted a key weakness.

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