The article explores how changes in the US money supply affect China's economy due to the dominance of the US dollar. It shows that when the US increases its money supply, China's inflation and GDP decrease, but the US itself doesn't face inflation. China benefits slightly from this shock, while the rest of the world loses out. Different scenarios are analyzed, and it's found that China's current system of fixed exchange rates and capital controls is best when the US dollar remains strong. However, if a new global currency replaces the US dollar, China would be better off with a different economic system. Maintaining the current system can protect China from US money supply shocks, but may not always lead to the best outcomes.