3. The result of the growing trade deficit between the US & China was the accumulation of enormous amounts of $-denominated reserves by China. Recently, however, Chinese officials have been calling for a global reserve currend to replace the $. This was a response to the US policy of "quantitative easing" implemented after the Great Recession caused by the subprime mortgage crisis. a. What is "quantitative easing"? b. Why did/does the US employ this policy? c. Why are Chinese officials worried about it