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To: Les H who wrote (8615)	9/13/2003 8:25:25 PM
From: Tommaso	Read Replies (1) \| Respond to of 29592

Wasn't there a story that China was thinking about issuing bonds denominated in US dollars? Suppose they sold a trillion dollars of such bonds, long term, low interest rates. Then suppose interest rates rise and the bonds fall drastically in value. Then suppose they let the yaun float up. EDIT Maybe I should put a big mortgage on my free and clear house and buy yuans with the proceeds. Not a joke! Then suppose they buy back the depreciated bonds with appreciated yuans. Hitting the US for hundreds of billions of dollars.