Since mid-August, when Chinese policymakers startled the markets by devaluing the renminbi by 2%, China’s official intervention in foreign-exchange markets has continued, in order to prevent the currency from falling further. The Chinese authorities have been selling foreign securities, mainly United States Treasury bonds, and buying up renminbi.
但是，在寻找美国货币条件变化迹象方面，投资者们找错了目标。自8月中旬以来，中国决策者让人民币贬值2%，震惊了市场。为了防止货币进一步贬值，中国官方外汇市场干预还在继续。中国当局一直在出售外汇储备（主要是美国国债），买入人民币。