The value of China’s assets as future claims on real resources has already been diluted by dollar depreciation, and calls in the US for inflating away America’s debt burden portend a further decline. Moreover, while China may have profited from the rise in government-bond prices over the last few years, prices have been inflated artificially by expansionary monetary policy in advanced countries, which implies that the bubble could burst.
未来可以折算成真实资源的中国资产已经被美元贬值所稀释了，而要求美国通过通胀来卸除债务负担的呼声也意味着将来还会有所损失。此外，虽然中国或许在过去几年中借助外国政府债券价格的上扬赚取了一些利益，但这些价格其实也是在发达国家的扩张性货币政策中人为调高的，这意味着泡沫迟早会有破裂的一天。无论是通过通胀还是打压政府债券价格，中国的国外资产都会遭受巨额损失，导致其投资收入收支状况进一步恶化。