The continued funding of America's persistent trade and fiscal deficits has sparked debate among international economists. One controversial explanation argues that East Asia is pursuing "Bretton Woods II" and funding American deficits as part of a greater development policy. This paper examines the Chinese policy response to the global economic crisis and finds that China's policy actions provide evidence for "Bretton Woods II." Furthermore, the Sino-American relationship is now characterized by codependence which has implications for the policy decisions of each country.