ABSTRACT
In the current economic climate, there is concern regarding how effective central banks' policymaking is in enhancing financial stability in China, the United States and the Eurozone. There has been an asymmetrical monetary policy and currency management in China, the Eurozone and the United States since the financial crisis. The ad hoc governance structure of the Eurozone contains the European Council, the decision-making body of the heads of government of the European Union (EU) member states. The UK Treasury's issuance of Renminbi (RMB)-denoted sovereign debt is a substantial move in the global integration of China's financial markets and a movement toward liberalising China's exchange rate. The Euro is seen in China as a counterbalance to the US Dollar and as instrumental for creating a new currency order in which the RMB would also have its place.
