oh Luke what are we going to do with you? China v successfully plays the system for all its worth. I congratulate them. It's like the sorcerer's apprentice. Today it is a serf but one day? One day it might become the master. But that day ain't today.
Today it cares v greatly that the CNH appreciates slowly and steadily; no sudden jumps up or down. And within the confines imposed by the modern $ standard it kind of gets what it wants.
Asides from being a totalitarian state that traps domestic capital behind a freedom wall, its main concern is to slow the economic forces that clamber for a speedier appreciation.
That's were those Ts come in handy. But don't get me wrong, they could easily have bought Nasdaq, oil or corn. But they certainly couldn't have removed $s from the equation. China has many choices. But on the FX front it has none. Like all other sovereigns it is beholden to the $
