In the context of the current international monetary system, this paper makes a test on Dooley's "collateral" viewpoint about the relationship between international capital flow and US current account financing mechanism by means of a co-integration analysis method which takes China and its periphery countries as samples respectively.The test results show that Chinese data do not coincide with the point, though Dooley and other scholars make use of Chinese data as their grounds of argument.Meanwhile, an almost reversed conclusion can be drawn from other data, that is, the mechanism described by the "collateral" view has a notable rationality.The conclusion above can help to understand and dissolve the current global imbalance and China's economic dilemma ultimately.