Interesting article. One thing that wasn't made clear - who is holding the new Chinese debt? Chinese consumers are the first borrowers, I assume, but then are l

Interesting article. One thing that wasn't made clear - who is holding the new Chinese debt? Chinese consumers are the first borrowers, I assume, but then are local banks borrowing from the Chinese central bank? Is the central bank then borrowing from abroad, and why is this debt dollar-denominated? Why don't they just pay it off with cash instead of continuing to put that cash into US Treasuries? PS, @joshuafkon, you have an unnecessary apostrophe in the "it's" in the last sentence!