Unless we are talking about China using the debt for hostile purposes, in which case the independence of RoC and what it may be willing to do to stay independent, might be exactly what matters. Ditto HK. I assume everyone involved has plans to move their money if PRC attempts nationalization, but if its delivers instructions to "keep your money, just dont roll it over" or "dont roll it over and we'll cover any loses as the dollar ceases to exist" then some people will have some hard choices to make.
I suppose there's also a question of what (if anything) the US would do to help Taiwan stay independent if China decided to re-unify via force. Definitely a potentially sticky situation.
