The big question is: what conditions? For Mr Geithner knows the truth of the old adage: when you owe the bank a small amount, the bank has the power. But when you owe the bank a huge amount, it's the other way round. Luo Ping, a director-general at the China Banking Regulatory Commission, put it nicely in an interview back in February: "Except for US Treasuries, what can you hold? US Treasuries are the safe haven. For everyone, including China, it is the only option. We hate you guys. Once you start issuing $1 trillion to $2 trillion [of bonds] we know the dollar is going to depreciate, so we hate you guys, but there is nothing much we can do."