As we know China makes massive trade surpluses every month but for some time now it has not been ploughing this excess capital back into US Treasuries but has been looking elsewhere. The Japanese have become very upset due to the massive buying of JGBs and Yen by China and perhaps Europe is the only destination now left for this mass of financial capital. If this flows exclusively into EUR and if the ACBs also continue buying then this upmove is only getting started.