[jussij]

For many years the value of the Chinese exports to the USA have been much greater than it's USA imports.

This large trade surplus basically means China earns a lot of USD and it uses those US dollars to buy US T-Bonds.

So for T-Bonds the USD/Yaun exchange rate does not come into the picture.

But that low USD/Yaun exchange rate does help to keep Chinese exports cheap and that then helps to protect their trade surplus.

[Fjolsvith]

Its win/win for the USA. Trump gets to push the Chinese around and American consumers get to keep buying cheap Chinese goods.