The Chinese issued the most debt today in a single offering in their history, 3 Trillion yuan, and importantly they did so with their 1 year rate under 1%. They haven’t issued debt under 1% since Lehman brothers collapse. After the offering, Chinese interest rates did not move.
There is a tremendous amount of central bank bond buying coming, as the US and Chinese begin to ramp up currency wars both responsively from American protectionism and also the cost of American debt service becoming unmanageable at current levels. China meanwhile is in a deflationary spiral and has major capacity to accept more monetary expansion which is being immediately deployed directly into public pockets via direct stimulus and ‘capital investment.’
Bitcoin had a good run against bonds / defacto the dollar. That’s over.