Very interesting alternative USD market Usual flow: 🇺🇸 buys oil from 🇸🇦, 🇸🇦 reinvest excess back into UST New flow: 🇸🇦 reinvests excess into 🇨🇳-issued USD bonds Result: USD flows to 🇨🇳, instead of 🇺🇸, as the USD-denominated debt (bonds) are issued directly by 🇨🇳