how would this affect china
The obvious answer is it would devalue our debt with them, and that would be good, but...that seems like a poke them in the eye thing right now.
I am no economist, but I have heard that if interest rates go down, inflation goes up, and if the dollar that was worth one dollar is now valued at 80 cents, instead of a trillion dollars in current valuation of debt, it becomes 800 million dollars in debt, or something along those lines.
Hell, I have probably got it backwards or upside down, but it just seems odd to call for that.
It wouldn't.