As economic growth in the world's most populous country slows, its leaders face some tough policy choices. Should Chinese authorities further restrict Chinese from investing abroad? Should China release its grip on the exchange value of its currency, devaluing further—or should China's central bank raise interest rates to support the value of the currency? The choices China makes may have significant consequences for Americans. Christopher J. Neely, an economist and assistant vice president in the Research division of the Federal Reserve Bank of St. Louis, addressed this "trilemma" confronting China during his presentation.