The Question Is Why ?
In April, I suggested China bought $SPX.  
why ?
instead of selling dollar's ( no access to Fed swap lines ) to defend $CNY, the march risk off led drove EMFX weakness, short circuiting RMB weakness cud be achieved thru SPX buys. cc @biancoresearch https://t.co/ts30AI6Rls https://t.co/vMEGVVeeVn