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China is the largest holder of U.S. dollars -- approximately $2 trillion. With the Federal Reserve's program to buy U.S. Treasury bonds and expand the Term Asset-Backed Securities Loan Facility (TALF) program, China is concerned that printing all of this extra money will have a negative impact on China's holdings.
If, for example, as a result of the Fed's moves, the dollar were to fall, any country holding dollar reserves would see their holdings devalued. And this what China fears --that its $2 trillion will be devalued.
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