But selling off US Treasury securities, it was argued, was not in China’s interest, given that it would drive up the renminbi’s exchange rate against the dollar, diminishing the domestic value of China’s reserves and undermining the export sector’s competitiveness. Indeed, a US defense department report last year on the national-security implications of China’s holdings of US debt concluded that “attempting to use US Treasury securities as a coercive tool would have limited effect and likely would do more harm to China than to the [US].”
Mais on a soutenu que vendre des bons du Trésor américain ne serait pas dans l'intérêt de la Chine, étant donné que cela ferait grimper le taux de change du renminbi par rapport au dollar, ce qui diminue la valeur nationale des réserves de la Chine et sape la compétitivité du secteur des exportations.