Creditors can huff but they need debtors – FT.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"China already runs its own risk of massive losses on the currency reserves \u2013 now worth $3,200bn \u2013 it has accumulated. That was a public capital outflow aimed at supporting its trade surpluses. But, in its attempts at managing the currency relationship with the US, it is the latter that controls the central bank. China … <\/p>\n
Continue reading “Creditors can huff but they need debtors – FT.com”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,34],"tags":[571,1315,3456,3551],"class_list":["post-1724","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-us-canada-countries-regions","tag-capital-account","tag-exchange-rate","tag-trade-surplus","tag-us"],"yoast_head":"\nCreditors can huff but they need debtors - FT.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Creditors can huff but they need debtors - FT.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"China already runs its own risk of massive losses on the currency reserves \u2013 now worth $3,200bn \u2013 it has accumulated. That was a public capital outflow aimed at supporting its trade surpluses. But, in its attempts at managing the currency relationship with the US, it is the latter that controls the central bank. China … Continue reading "Creditors can huff but they need debtors – FT.com"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-02T20:51:13+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Creditors can huff but they need debtors – FT.com\",\"datePublished\":\"2011-11-02T20:51:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/\"},\"wordCount\":114,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"capital account\",\"exchange rate\",\"trade surplus\",\"US\"],\"articleSection\":[\"China & HK\",\"US & Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/\",\"name\":\"Creditors can huff but they need debtors - FT.com - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-11-02T20:51:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/02\\\/creditors-can-huff-but-they-need-debtors-ft-com\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Creditors can huff but they need debtors – FT.com\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Creditors can huff but they need debtors - FT.com - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Creditors can huff but they need debtors - FT.com - the patient investor","og_description":"China already runs its own risk of massive losses on the currency reserves \u2013 now worth $3,200bn \u2013 it has accumulated. That was a public capital outflow aimed at supporting its trade surpluses. But, in its attempts at managing the currency relationship with the US, it is the latter that controls the central bank. China … Continue reading \"Creditors can huff but they need debtors – FT.com\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-11-02T20:51:13+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Creditors can huff but they need debtors – FT.com","datePublished":"2011-11-02T20:51:13+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/"},"wordCount":114,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["capital account","exchange rate","trade surplus","US"],"articleSection":["China & HK","US & Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/","name":"Creditors can huff but they need debtors - FT.com - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2011-11-02T20:51:13+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/02\/creditors-can-huff-but-they-need-debtors-ft-com\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Creditors can huff but they need debtors – FT.com"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-rO","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":1139,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/bernanke-criticises-china-over-currency-ft-com\/","url_meta":{"origin":1724,"position":0},"title":"Bernanke criticises China over currency – FT.com","author":"ColinTwiggs","date":"October 5, 2011","format":false,"excerpt":"The chairman of the US Federal Reserve has accused China of damaging prospects for a global economic recovery through its deliberate intervention in the currency market to hold down the value of the renminbi. .....\u201cRight now, our concern is that the Chinese currency policy is blocking what might be a\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3645,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/28\/china-outlines-plan-to-loosen-capital-controls-ft-com\/","url_meta":{"origin":1724,"position":1},"title":"China outlines plan to loosen capital controls – FT.com","author":"ColinTwiggs","date":"February 28, 2012","format":false,"excerpt":"China\u2019s capital controls have served it well. It was little harmed by the Asian financial crisis of 1997-98 and has been largely insulated from the global tumult of the past four years. That resilience in the face of external trouble has emboldened conservatives in Beijing who support the status quo.\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1442,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/21\/chart-of-the-day-chinas-u-s-debt-holdings-credit-writedowns\/","url_meta":{"origin":1724,"position":2},"title":"China\u2019s U.S. Debt Holdings","author":"ColinTwiggs","date":"October 21, 2011","format":false,"excerpt":"According to China Daily, China owns $1.13 trillion of US debt. China has $3.20 trillion in foreign exchange reserves. via Chart of the day: China\u2019s U.S. Debt Holdings | Credit Writedowns. The key statistic here is the $36.5 billion decline in August which dwarfs previous monthly changes. No wonder the\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12223,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/22\/chinas-dangerous-currency-manipulation\/","url_meta":{"origin":1724,"position":3},"title":"China’s dangerous currency manipulation","author":"ColinTwiggs","date":"August 22, 2015","format":false,"excerpt":"I am surprised at John Mauldin's view in his latest newsletter Playing the Chinese Trump Card: ....This whole myth that China has purposely kept their currency undervalued needs to be completely excised from the economic discussion. First off, the two largest currency-manipulating central banks currently at work in the world\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Foreign Reserves","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":16180,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/does-china-have-the-financial-arsenic-to-ruin-the-us\/","url_meta":{"origin":1724,"position":4},"title":"Does China have the ‘financial arsenic’ to ruin the US?","author":"Colin Twiggs","date":"April 16, 2018","format":false,"excerpt":"The media has been highly critical of Donald Trump's threatened tariff war with China, suggesting that China has the stronger hand. I disagree on two points: Trump is right to confront China. Even Paul Krugman, not a noted Trump supporter, called for this in 2010. China's position may not be\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16148,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/03\/27\/trumps-trade-war\/","url_meta":{"origin":1724,"position":5},"title":"Trump’s Trade War","author":"Colin Twiggs","date":"March 27, 2018","format":false,"excerpt":"First, let me correct the implication that this is a trade war started by Donald Trump. It is not. His is only the first significant response by the US in a trade war initiated by China more than a decade ago, in the early 2000s. In 2011 I warned of\u2026","rel":"","context":"In "International Trade"","block_context":{"text":"International Trade","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/international-trade\/"},"img":{"alt_text":"Foreign Direct Investment in US","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1724"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1724\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}