China is not dumping dollars, it’s defending the yuan

See the latest Australian dollar analysis here:

Macro Afternoon

There’s nothing like a good old US dollar panic story. De-dollarisation is a favourite of the cultural cringers and crypto cons alike.

But, sometimes you’ve got to look at it from the other way around. So, when I read that China is dumping Treasuries hand-over-fist my ears prick up:

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