China may offer a poor alternative for global leadership to the U.S., but it's hard not to see it as an increasingly credible one.

China is missing one crucial ingredient as it builds the renminbi's claim to reserve-currency status: the world's trust with regard to a broader and more credible set of public and political institutions.

ITHACA, New York — Capital controls are back in vogue. Facing sharp currency appreciation and fearing asset-price booms fueled by hot money, countries such as Indonesia, Korea, and Taiwan have recently taken steps to limit inflows. Nervous central bankers in many other emerging markets, including ...

PRAGUE -- China's remarkable growth has been financed recently by a rapid expansion of money and bank credit that is producing an increasingly unsustainable investment boom. This renews concern that the country may not be able to avert a replay of the painful boom-and-bust ...