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 🇨🇳