What is China saying and what is China doing? Are there any differences?
China is sitting on a huge pile of US Treasury bonds – the central issue of the notorious “global imbalances”. So for months, currency and bond markets have hung on every word from Chinese authorities on whether the dollar should in some way be replaced as a global reserve currency.
The latest word from the central bank is that the nation's reserve policy is “always quite stable”. This spurred interest in Treasury bonds yesterday, with 10-year yields almost down to 3.5 per cent only weeks after nearly reaching 4 per cent.
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