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The global imbalances are one of the causes of the current financial and economic crisis. The financial flows associated to these imbalances are in the origin of the generalized crisis in the international financial markets, which are incapable of absorbing efficiently these huge capital inflows. The current experience shows that export-led strategies of growth are unsustainable if they are implemented by big economies whose external disequilibria can generate big systemic risks. An additional element of risk is the fact that the adjustment of these imbalances can not be made with changes in the exchange rate of the main currencies involved (US dollar and Chinese renmimbi). JEL codes: F010, F360, F490, G010