When the Fed makes another cut of interest rates, will there be more pressure on the US-dollar and because of this more problems for the European export industry? Trichet: There have been, at times, sharp fluctuations in the exchange rates of major currencies. We are concerned about their possible implications for economic and financial stability.
That is, a fair part of what is going at the moment is a shift in who is holding foreign assets in China, not necessarily a large change in the total quantity of  6  “International and Domestic Adjustment”, speech by Philip Lowe at a Committee for Economic Development of Australia (CEDA) event, Melbourne, 9 September 2015.