good point regarding the exchange rate system,, but there was talk not too long ago about diversifying their currency reserves (e.g. when the Euro was introduced), so I do think they have at least partially an investment view on their reserves, not just an exchange rate mechanism.

And if they want to /must purchase USD assets, then I think they should also invest in "real" stuff like perhaps wind farms (I presume they are not as polticially sensitive as when Cnooc tried to overtake Unocal).

Then build a huge HVDC line to China across the Pacific to transfer the electricity to China, because MWh are a more stable currency than the USD ;-))