The large-scale issuance of government bonds is a prelude to the depreciation of the US dollar, which poses a real threat to the large-scale US dollar assets held by China. This threat comes from two aspects: one is the impact of the depreciation of the US dollar on China, the largest foreign exchange reserve country, and the other is that the yield of China's 740 billion US Treasury bonds may fall after the national debt oversold. Within a day after the Fed's measures came out, the interest rate on 10 debt fell by about 50 points to 2.5%, which was the biggest fluctuation in 20 years. In fact, the impact will not be temporary, but long-term: the dollar that cannot remain strong will have a greater impact on major economies, including China, and the prices of resource commodities will gain new upward momentum and turn into a new round of inflation at some point in the future. By then, all economies will face a more intractable regulatory crisis than they are now: we must prevent realistic deflation and imminent inflation. This will make the policy contradictory and at a loss.

I also read it online, and the following information is more complete and detailed.

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