Clearly china is selling lots of bonds

as you can see, the chart is almost identical in peaks and valleys to the us yields. Implying they are not selling bonds as heavily as their currency recovers, and are selling bonds as their currency is losing value, to help prop it up.

Rates could go quite a bit higher...

Comment:

that sounded confusing. basically, china needs to defend its currency as it is losing value. China Sell bonds.