US 10-year Treasury yield has risen 30 bp since Monday's low water mark. The are a number of reports that try to link the backing up in US yields to purported to be sales by China. The Chinese sales, in turn, are linked to its efforts to stem the decline in the yuan. China may indeed has sold Treasuries. Bill Gross at Janus apparently suggested this is the case in a tweet he sent earlier this week. Reporters have been keen to follow the lead. Some media accounts intimate that China had notified US officials of their intentions. Many have been primed for such, even before this week. China's reserves have fallen. It ... (full story)