The only players in the US economy to benefit from China's colossal dollar-based debt-purchasing strategy are ailing corporate monoliths such as Citigroup, one analyst has claimed.Writing for the Guardian, Dean Baker, co-director of the Centre for Economic and Policy Research, declared that despite the commonly held belief that interest rates would spiral out of control if China ceased buying up US debt, the damage done to growth would actually be offset by the rising price of Chinese goods in America.Mr Baker explained that while the US has long relied on Chinese debt purchases to keep interest rates low, the Asian economic powerhouse has also benefited, as the exchange helps to keep the yuan down against the dollar.Looking ahead, the economist declared: "China would be helping the country bring about a necessary adjustment if it stopped buying up dollars. Even the rise in interest rates would have a positive effect since it would allow for the completion of the deflation of the housing bubble."In a separate article earlier this month, Mr Baker urged discontented parties to make their views heard at the upcoming meeting of the American Bankers Association in Chicago.