Has China pledged hundreds of billions or even a trillion US debt to banks to finance its spending spree? I read something like this on this forum sometime back or some article.

I know that when interest rates are low, bond prices are high, and with interest rates so low, China should be able to get quite a lot of credit for their bonds.

What are the implications when interest rates start to rise and implications to the banks lending China the money, the implications to the bond market once this fact is revealed, and the resulting implications to commodity markets including the fabled gold? lol