Hi PB, broadly speaking I don’t think this is a great threat to the USD yet or for quite sometime. China needs to prove over years or perhaps decades that their currency intervention policies are a thing of the past, before it will gain the markets trust.
Short term I see this as adding more upward pressure to rates/yields as less “petrodollar recycling” is required, therefore reducing demand for treasuries....right at a time when the US is auctioning a bucket load to fund tax cuts and infra spending.
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