On April 4, 2012, the Chinese newspaper, ChinaDaily, published a piece titled, "US Urged to Consider Effects of Policies."
Within the article I noted the withering green shoots in the U.S. would likely result in QE3 for the U.S. This view passed Thursday.
China has reacted to U.S. QE in the past by expressing dismay, primarily given the overweight U.S. dollar position in their foreign currency reserves. Today's action, coupled with the signing of the ESM law in Germany by German President Gauk, is likely to bring China back to the European debt table. I would not be surprised to hear of Chinese institutions on the bid in the EUR/USD over the next few weeks. They will likely be joined by their Asian neighbors, as South Korea, etc., seek to limit the appreciation of their own currencies.