Communists Directly Access the Fed

China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government.

The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world.

the U.S. Treasury Department has given the People's Bank of China a direct computer link to its auction system, which the Chinese first used to buy two-year notes in late June 2011.