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They bought originally when they dropped the target ... since the stock market crash, they have to prop up the RMB to hit their current target ... they are basically offsetting private RMB capital outflow, so in effect mostly selling US Treasury securities to Chinese citizens.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Thu Aug 27th, 2015 at 08:20:28 PM EST
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