The U.S. dollar is the strongest it's been in two decades.

Although it may sound like good news for the U.S., other countries are feeling the pain of plunging currencies.

They now have to pay a lot more for essential imports like food and energy, as well as for debt denominated in dollars.

As the Federal Reserve continues to raise interest rates to fight inflation, central banks around the world are racing to keep up, which could push the world toward a recession.

Why is the U.S. dollar so strong right now? What repercussions is it creating? How long will it continue?

Host Zhao Ying is joined by Prof. Michael Powers from School of Economics and Management at Tsinghua University, Mike Bastin, Senior Lecturer at University of Southampton in the UK and Liu Zhiqin, Senior Fellow of Chongyang Institute for Financial Studies, Renmin University of China.