We note the sharp contrast with 2001, when a shortage of dollar liquidity (strong and strengthening dollar, high real interest rates, low central bank dollarreserves, falling goldand commodity prices, rapidly shrinking U.S. profits) all spelled weakness.
They wanted the U.S. to do more than it was doing to correct its external imbalance and they showed an interest in actually cashing in their excess dollarreserves for gold.