This week, a frisson passed through Treasury markets when it emerged that China has been selling US government bonds. These sales were not huge — a mere $20.5bn in March — nor were they made with accompanying public threats. But in the current protectionist climate, the news left investors pondering two unnerving questions. Could the current trade war turn into a capital and currency war? And if so, might that undermine the dominance of the US dollar?
上週，當中國近來一直在出售美國政府債券的訊息傳出後，美債市場驚起了一陣寒顫。減持規模並不大——3月份僅爲205億美元——且該舉動也並非伴隨著公開威脅。但在當前的保護主義氛圍下，該訊息讓投資者開始思考兩個令人不安的問題。當前的貿易戰是否會演變成資本和貨幣戰爭？如果是的話，這是否會破壞美元的主導地位？
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