"At the root of the euro upheaval is a balance of payment crisis caused by the cumulative effects of a 13-year-old one-size-fits-all monetary policy and a fixed exchange rate for a collection of disparate countries in very different stages of economic and structural development, " he argues.
They not only indicate the degree of forex intervention in China, but also the size of Chinese official investments in fixed-income markets overseas, most notably into U.S. Treasurys.