Those Treasury Papers are for foreign trade.
Tiongkok is clamping down on the lobangs for $$$$$ to flow out as world is transiting into a Fully Blockchained Global Financial system, this is what trigger the Yen Carry Trade unwind upheaval in recent month
Fed, BOJ, BOE and ECB are aligned at Jackson Hole to proceed to next step for World Digitalised Economy. Have fun
The insignificant nobody me is not too sure about Blockchain method being the trigger for the Yen carry trade fiasco, but am sure that over exuberant stock traders believed that the gravy train of cheap loans will be forever, even for dubious & penny stocks....
The Blockchain method was invented to justify bitcoin's existence, as it tried to ensure that for each bitcoin minted, every single coin, down to 0.001% of its individual worth, would be TRACKED & TRACED, & thus the growth of 'miners' & data servers that would require HUGE amount of energy to run, & the rewards to such miners for their efforts.
Only CRIMINAL MORONS would believe that cryptocurrencies cant be tracked....
However, with development of Artificial Intelligence, it replaces the Human effort of miners, at FAR lower costs & energy, as AI uses the same pipelines of networks, with lower energy costs, using quantum bit data size than Human requirements of large data servers, & works 24/7 than a Human can.
For simple explanations, had ever a citizen wondered that after an ATM bank transactions of certain sums, he/she would be notified of the transaction details within even seconds? Such is AI at work....
Thus, to return to your post, should China believed that it is blockchain method that is assisting RMB outwards, it is still missing the forest for the trees in front. Money can flow in many ways in our advanced World of today. It need NOT be digitalized. It can come in analogue form - mere passing of baggage of cash in a suitcase to another, to hide within hidden cavities of home walls.... thus a need for better co-operation Worldwide, to stop crime, & save innocents. Just as Humankind evolve, so too criminals....