Agree never trust them.
the reagan line was trust but verify.
that’s what’s in play here.
The Chinese took a trust but verify document and turned it into a trust us document.
Now we play a game of chicken where it will be increasingly clear that the chinese will break first.
At this point—the chinese believe that the Trump will break first politically.
imho the chinese will make a mistake and invade hong kong to restore order. the result will be that the hong kong dollar will be delinked from the US dollar. beijing will have to intervene to prop up the hong kong dollar. but it will take 100’s of billions of dollars to do so. and even then both the yuan and the hong kong dollar will decline—forcing out many more hundreds of billions of dollars. and foreign investment in China will go from a declining source of new capital to zero and negative.