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US Federal Reserve chairman Alan Greenspan has strongly criticised the large purchases of US assets, by central banks of China and Japan, which amounts to almost $240 billion since the start of 2002.
These countries are heavy buyers of US assets to park the proceeds from selling their own currencies to try to prevent them from rising against the dollar and so hurting their exports.
To finance this intervention, the central banks are essentially printing money which then floods their domestic economies, threatening inflation. Much of the money has found its way into US treasuries, and is keeping yields of US bond market lower. This could push US rates higher and lift borrowing costs for US businesses and consumers.
.... Systemic risk posed by mortgage institutions in US
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