The consensus seems to be that China's RMB devaluation and USD accumulation is purely due to economic necessity.

I don't know much about tradfi, but I have a sneaking suspicion that China might be devaluing the RMB to get it to parity with the HKD so they can flip the peg from USD to RMB.

They would probably need a heap of USD liquidity as a buffer, which would explain why they have suddenly started selling T bills etc and stockpiling USD.

I don't know anything and this isn't my field, but curious to know if this is within the realm of possibility.