With US quantitative easing winding down, the debate about China’s commitment to resuming its role as the largest purchaser of Treasury debt is maddeningly circular. China would be crazy to torpedo a market in which so much of its wealth was tied up, says one camp. Sceptics retort that the Chinese eventually will realise they are acting as enablers in an untenable fiscal Ponzi scheme and cut their losses.
在美國逐步結束量化寬鬆之際，圍繞中國承諾重新成爲美國國債最大買家展開的辯論，其邏輯之循環讓人抓狂。一個陣營稱，中國要是搞亂一個自己存放了巨大財富的市場，那就是瘋了。懷疑者反駁稱，中國遲早會意識到，他們其實是在一個難以爲繼的財政龐氏騙局中扮演促成者的角色，最終中方將採取止損行動。
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