Define monetary policy, and discuss the operation of monetary policy in the United States post-GFC. / Given the rise of China relative to the United States post-GFC, to what extent do you think that the yuan should replace the US dollar as the dominant cu

Choose 1 question from the below. I will post the references from my lecturers once you take up this work.

2,500 words

a)                                                     Define monetary policy, and discuss the operation of monetary policy in the United States post-GFC.

Or,

b)                                                     Given the rise of China relative to the United States post-GFC, to what extent do you think that the yuan should replace the US dollar as the dominant currency in the global financial system?