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Why the Euro Area Crisis Will Impact Little on Europe's Relations with China

"In undertaking to diversify its reserves the Chinese government has adopted a sensible risk management strategy. This ongoing diversification has helped ensure the euro has retained its value throughout the crisis, despite widespread market predictions of its imminent collapse. But given that Europe is China's biggest export market, the Chinese government has good reason to ensure the dollar—and by extension the renminbi—does not fall too far against the euro. Implicit Chinese support for the euro in the global foreign exchange rate market via ongoing diversification is therefore hardly something the euro area leaders need to thank Beijing for. After all, whatever euros China has bought, it has done so with its own best interest in mind".