One week after Japan sold off one trillion dollars’ worth of U S Treasury notes, Beijing announced that China would continue to hold its existing U S Treasury notes as a sign of support for the U S dollar. Additionally, the Chinese government spokesperson announced that Beijing had bought up all of Japan’s previously owned US treasury notes which the former US ally had dumped unexpectedly on the foreign currency exchange market. With the U S dollar at an all-time low, the investment would be a shrewd one should the dollar recover. And the announcement did provide a temporary bump on the exchange market as the dollar was up ten percent at the close of the day; but still down over fifty percent from where it stood eight days ago.
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