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.
您已閱讀33%（598字），剩余67%（1194字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。