Global Times Op-Ed Says China Isn’t Buying the Fed’s Strategy of “Unlimited QE”

An article in the July 30 issue of Global Times by Liang Haiming and Feng Daxuan of the China Silk Road iValley Research Institute, says the U.S. Federal Reserve strategy of “unlimited QE” is trying to shift the burden to other countries for U.S. policy failures, but those countries, including China, are putting on the brakes. “China will not take on losses resulting from buying over-issued U.S. Treasuries, which will undoubtedly damage the U.S. dollar hegemony and even the U.S. itself.… The Fed’s balance sheet has grown drastically from about $4 trillion at the start of the year to about $7 trillion now, and may reach $8.5 trillion by the end of the year, nearly $5 trillion more than its level before the pandemic began….”