what CHina cares is how many oil and other resource CHina can buy with its 2 trillion dollars. When bendover price of oil was 150 dollar, 2 trillions dollars devalued most in the eyes of CHina. CHina doesn't care much how much euros or Japan yens its 2 trillion dollars can exchange ,because what China want is not the assets in Europe,USA or Japan,but the resource in Africa and other developing countries. So, the exchange rate of dollars is not much meaningful to China at all. instead, the price of resouce marked with dollars means much to China. As we see, after the crisis, the price of resouce made a rapid dive down...in fact it is just what CHina want.... so, however much the exchange rate of dollars goes down, CHina can buy more resouce including oil with its 2 trillion dollars now.