My read is that everyone is just looking to spread out risk more. At first this was the Euro, but then the 2014-5 crisis sort of killed that. Now it’s a wider r

My read is that everyone is just looking to spread out risk more. At first this was the Euro, but then the 2014-5 crisis sort of killed that. Now it’s a wider range of currencies including Chinese, Japanese, Canadian and Aussie. The Chinese reserves are all in emerging market countries.