| 1 | First, he assumes that by selling securities, China returns dollars to the United States. | |
| 2 | A rise in the value of old securities is an indispensable preliminary to the flotation of new issues. | |
| 3 | As a result, the rate of return on bonds is generally lower than other securities. | |
| 4 | One way the central bank can initiate such an expansion is throughpurchases of securities in the open market. | |
| 5 | When the Chinese sell securities, they receive a greater amount of dollars than they actually gave. |
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