The Euro Zone has a far more disciplined monetary policy...because of its unique political structure...
Unlike in the US...where the FED is the slave of the speculating classes on Wall Street...
In fact its the FED money printing that has caused the current crisis...so why would China sell the Euro...which is really more the victim of the FED...?
Ultimately...what the Euro Zone mistake was was buying the Shit that Wall Street sells... The Euro Zone banks were blasted by the Bullshit that Wall Street sold them...in the mortgage area...
Now wonder China says the Euro is a keeper...
Its the Dollar that has been causing the problems...and that is where the selling will eventually return...
I'm waiting for par on the Euro...and then I'm stocking up for future travel plans .... Remember many hotels etc...are "priced in Euros"....even outside of the Euro Zone.... In the middle east for example...the Euro is the pricing currency...not the local currency or the Dollar...
The Euro Zone has learned its lesson...Avoid Wall Street hype at all costs...and that nearly cost them the single currency...
China is wisely holding Euros...and very likely they will be buying more soon...
