I have no doubt that the U.S. banking system will continue to grow and that it will remain central to the nation’s financial system. To do that, though, requires that we all to adapt to changing times and that banks manage risk carefully in both good times and bad. 7  BIS Review 67/1999
Measured by value added, our bilateral deficits with China would have been far less, and our bilateral deficits with other Asian exporters would have been far more. Accordingly, an increase in the exchange rate of the RMB, relative to the dollar, would likely redirect trade within Asia, reversing to some extent the patterns that have emerged during the past half decade.