U.S.Treasurys constitute arguably the only market deep enough for China to invest its surpluses without causing huge distortion or unleashing rampant protectionism.

• 可以说，美国国债是中国可以投资其盈余资金、而不至引发明显市场扭曲或导致保护主义盛行的唯一有足够深度的市场。