This is only the beginning of something that will not end well. The Telegraph (U.K.) has this story:
China alarmed by US money printing(china to buy gold)
06 Sep 2009 | Ambrose Evans-Pritchard,
China alarmed by US money printing The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy
By Comment on this article Working for the Yankee dollar: Beijing is said to be dismayed by the Fed's recourse to 'credit easing' Photo: Reuters Cheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing". "We hope there will be a change in monetary policy as soon as they have positive growth again..."