Thepeggedexchangerate required the regular purchase of a large quantity of dollars and the issue of a commensurately large quantity of newly created yuan.
The magic price would be higher still today, given inflation (the official exchangerate is pegged to the dollar) and the further expansion of the state through the nationalisation of private businesses.
And to keep its exchangeratepegged to the dollar, China has been buying vast amounts of American Treasury bonds, which has helped to depress bond yields and mortgage rates, fuelling America's property boom.