I think China has 797.7 Billion dollars of treasury bills all with counterparty risk as the Russians have discovered. The article is here:
https://vongreyerz.gold/gold-how-dc-screwed-you-and-now-itself
There is a library of fascinating, incisive and entertaining material on the website, I like Matthew Piepenberg. The material is well researched IMHO
General discussion, page-4639
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