In practice, dollar liquidity, limited Washington intervention, and the size and flexibility of US financial markets ensure that countries such as China stockpile dollars.

实际上，美元的流动性，华盛顿的有限干预以及美国金融市场的规模和灵活性都决定了像中国这样的国家会囤积美元。

youdao

Along with being heavily dependent on the U.S. and Europe for export markets, China also has deep financial exposure to the troubled regions through its massive foreign exchange reserves.

中国的出口业务严重依赖于美国和欧洲市场。除此之外，由于拥有巨大的外汇储备，中国在金融方面的风险也不容小觑。

youdao

As a responsible investor in the global financial markets, China has always had confidence in the euro zone and the euro. China has increased its holdings of euro bonds in recent years.

作为国际金融市场负责任的投资者，中国对欧元区和欧元一直保持信心，近年来增持了不少欧元债券，今后也将一如既往地支持欧洲和欧元。

youdao

First, a devaluation would knock the stuffing out of Hong Kong's financial markets, and China's carefully won reputation for keeping its hands off its new territory would be destroyed overnight.

ECONOMIST: China��s currency

With lower portfolio risk, local investors would also theoretically be able to pay more for Chinese companies, says William Goetzmann, a professor at Yale University who has published a rare paper on the pre-war ties between China's financial markets and the rest of the world.

ECONOMIST: The Shanghai Stock Exchange

But then came 2008, and a financial crisis and global recession that highlighted the dangers to China of relying on US export markets, and made the authorities worry they were going to lose their shirt on all their US assets.

BBC: Mr Osborne and China's long road to a global currency