All of which is unrelated to the idea of some sort of /global/ USD short squeeze, which is just a nonsense idea. Holding debt in another nation's currency invo

All of which is unrelated to the idea of some sort of /global/ USD short squeeze, which is just a nonsense idea. Holding debt in another nation's currency involves risks but it is also the case that bond issuers can mitigate that risk with financial tools at the time of borrowing. It is doubly true that the CNY has and still is trading within a narrow band over the life of these debts, currency risks are not a factor in this story in any way.