Ive argued China bought $SPX since march. DCEP beta testing, which is a precursor to digital renmimbi [a reserve alternate to $DXY]. Why would China hold UST's when it offers CNY bonds alternatives. No Fed Swaps, Wont Buy Add UST's. Likely Hitting FED QE bid. SPX buy=No FX effect https://t.co/rmlrZKTWJs