This is what they all wanted:
What concerns European policymakers most is the lockstep rise against China\’s yuan. Beijing has clamped the yuan firmly to the weak dollar for over a year, quietly benefiting from the export advantages. It accumulated $68bn (£41bn) in reserves in September alone as a side-effect of holding down the currency. Fresh reserves are mostly being invested in eurozone bonds, pushing the euro higher.
French finance minister Christine Lagarde said it was intolerable that Europe should \”pay the price\” for a dysfunctional link between the US and China. \”We want a strong dollar, and we have reiterated it again in the strongest manner,\” she said after this week\’s Eurogroup meeting. China\’s trade surplus with the EU reached €169bn (£154bn) last year.
They wanted the euro to be a reserve currency. Now that it is they\’re complaining of course. Don\’t you just hate it when you get what you said you wanted?