Still, the contexts are hugely different. A decade ago, China was registering double-digit economic growth rates. Emerging economies, at their turn, were in favour with the investors. Many important central banks were increasing key debts, not just Fed. And the USD depreciation had already become a structural trend when Fed took off in the summer of 2004 from a key debt of only 1%, a record minimum back then.
For more information, please see the Romanian version of the article, here.