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Luo Ping, director-general at the China Banking Regulatory Commission had some harsh words for the U.S.:

“Except for U.S. Treasuries, what can you hold?” Luo was cited by the paper as saying. “Gold? You don’t hold Japanese government bonds or UK bonds. U.S. Treasuries are the safe haven. For everyone, including China, it is the only option.”

Mr Luo, whose English tends toward the colloquial, added: “We hate you guys. We know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.”