The Unified Field of Spreads: The China-U.S. Yield Spread as a Regime Variable in Global Asset Pricing—On the Hierarchical Structure of Institutional Interfaces and Supplements to Interest Rate Parity, the Triffin Dilemma, and Related Theories
This paper proposes the "Unified Field of Spreads" hypothesis, demonstrating that the China-U.S. yield spread functions as a critical regime variable that determines the pricing dynamics of global core assets like gold and crude oil, thereby shifting the pricing anchor from U.S. to Chinese interest rates and necessitating a revision of classical theories such as Interest Rate Parity and the Triffin Dilemma.