Although no one outside official Chinese circles knows the exact magnitude of China’s foreign-exchange intervention, informed guesses suggest that it has been running at roughly $100 billion a month since mid-August. Observers believe that roughly 60% of China’s liquid reserves are in US Treasury bills.
如今，这一过程颠倒过来了。尽管除了中国官方，其他人谁也不知道中国外汇干预的确切程度，但消息灵通人士猜测自8月中旬以来一直保持每个月1,000亿美元的规模。观察者认为，中国高流动性外汇储备中有60%是美国国债。储备管理者更愿意避免让他们精心构筑的组合失衡，因此他们抛售美国国债的速度应该在每个月600亿美元。