I’m not an economist, but…..
It seems China is going to buy several billions of Portugal’s debt. They did the same for Greece, and if memory serves, with that they negotiated some terms for building a port facility to transit goods made in China.
If China buys euro debt, it lowers eurozone interest rates. If they buy US debt, they help keep US interest rates “contained”.
So siting on $2T in reserves, doesn’t that mean they can function like a central banker to the world and fine tune rates in various regions? That’s better than Bennie and the Feds can do…
Maybe dollar hegemony is evaporating before our eyes without anybody sending a memo.