Made In China: US Interest Rates

For at least four to five years, China has largely determined US interest rates.  In other words, US monetary policy is not its own--its China's.

I just correlated daily US interest rates as reported by the Federal Reserve to the daily dollar/yuan exchange rate (Treasuries of all maturities to the dollar/yuan exchange rate).  The statistics show that the China-managed dollar exchange rate has largely determined interest rate changes in the US.  In fact, Chinese policy accounts for almost all of the change in medium-term interest rates in the US (on five-year Treasuries the r-squared is about 70-75%).

The irony here is that a communist country is planning the economy of our Christian nation and has been allowed to exploit us with mercantilism which the President and Congress have enabled (or have not hindered).

Is currency manipulation a concern?  What if currency manipulation means China determines US interest rates?  It seems that it does.  Okay, so rates are low.  But what if China's Premier suddenly decides to raise US interest rates?  Central planning for our economy (ie. interest rates) will emanate from China.