There's always a flight to security after a stock market crash ... I don't know what else there is to explain.

There doesn't need to be an interest rate return when its a winning bet either way ... either the RMB drops against the dollar and there is a FOREX profit on the US treasuries, or else the Chinese economy strengthens, the RMB stays the same and rises, and then the losses on the FOREX are offset by gains in doing business in the Chinese economy.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.