China

The Chinese economy operates in a different manner than the US and can easily be misunderstood by the West. For example if the Chinese government wants to influence production cost it does not interact directly by offering cash incentives. It would not give cash to the steel industry but it might offer low interest loans or charge lower rates for electricity or not enforce certain regulations. If they wanted to buy or sell large amounts of US dollars they would not use the central bank since they have many state banks who could do that without the general public realizing what was going on.