Dinocrat writes with succinctness on this.
China owns about a quarter of all US treasury securities held by the public. Total US government debt is about $11 trillion today. It seems probable that China could have told North Korea to knock it off if China wanted to. But China apparently calculates its self-interest and bides its time in acting. What influence will China exert when it is a buyer of last resort for the new $10 trillion in securities that the Obama administration intends to necessitate?
Let them bomb away to strengthen the dollar??
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