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主题:今年以来,有关局势变化的一些小结 -- 西瓜子

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家园 a quick reply.

I am not saying that USD is 100% covered by RMB. There are three major supporters of US Treasury bills, thus, USD: Japan, China and mid-east oil exporters.

The two sides of one coin: PBOC was forced to buy USD to control the appreciation of RMB. In effect, the MONETARIZATION basis of PBOC becomes USD Treasury bills.

If US Treasury bills turn worthless, so will be PBOC's monetarization basis and its ASSETS ON THE left side of the balance sheet of PBOC. And PBOC will be forced to accept a capital injection to support the credibility of its own liabilities: RMB notes outstanding.

Therefore, China's central bank must be careful and does not wish a quick and sudden death of USD and US treasury notes.

通宝推:猪头大将,
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