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A comment on China Sells U.S. Treasuries to Support Yuan. Parent comment
before
- yuan is undervalued relative to market-clearing price
- central banks sells yuan to prevent it from rising too quickly
- selling yuan, it acquires dollars in exchange
- it builds currency reserves, invests in Treasuries
now
- yuan is overvalued relative to market-clearing price
- central bank buys yuan to prevent it from falling too quickly
- buying yuan, it needs to offer dollars in exchange
- it sells Treasurys for dollars, sells off currency reserves
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before
- yuan is undervalued relative to market-clearing price
- central banks sells yuan to prevent it from rising too quickly
- selling yuan, it acquires dollars in exchange
- it builds currency reserves, invests in Treasuries
now
- yuan is overvalued relative to market-clearing price
- central bank buys yuan to prevent it from falling too quickly
- buying yuan, it needs to offer dollars in exchange
- it sells Treasurys for dollars, sells off currency reserves