China is the largest exporter in the world. US is the largest importer in the world. US has the biggest current account deficit. China has a huge stockpile of forex reserves. Its almost like putting a jigsaw puzzle together to see how both the nations are maintaining their unsustainable currency values.
China uses these huge forex reserves to buy US government securities. This helps keep the Yuan undervalued and at the same time keeps the interest rate in the US low. Low interest rates in the US fuel consumption growth, which China fulfils through exports kept artificially cheap through an undervalued Yuan. Truly, a strange relationship!
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