This doctoral thesis consists of four essays in topics relating to exchange rate regimes and spillovers from advanced economy monetary policies to emerging market (EMs). The first chapter, Who cares about the Renminbi?, studies the role of the Renminbi (RMB) as an international reserve currency and shows that while over 70 currencies co-move with the RMB, it is not used as an anchor currency like the Dollar or the Euro. The co-movement with the RMB is strongest for commodity exporting countries from Asia-Pacific and Africa with trade and Belt and Road linkages determining the strength of that co-movement. In the second chapter, A fistful of dollars, shows that money market rates in EMs are a good measure of international monetary transmission. Monetary transmission to EMs depends on domestic wholesale funding reliance and share of foreign banks, but can be dampened with the use of reserve requirements. The third chapter, Can one hear the shape of a target zone?, is a theoretical contribution which studies the dynamics of an exchange rate in a target zone like ERM-II under conditions of global risk aversion shocks. We show that the feasibility of the target zone and the type of intervention used by central bank is affected by the level of global risk. In the final chapter, Survival of the fittest? , I propose a new factor model to measure country-specific exchange rate movements for EMs. I find that country fundamentals explain depreciation in the idiosyncratic component of EM exchange rates only for US Federal Reserve tightening related sudden-stops.