I think this (sell-off) is a very natural reaction after a move like (last month's).

John is held in high regard by the Chinese government and if anyone can convince them to move more rapidly on adjusting upwards the exchange rate it is John.

I think what happens is a sense of panic sets in. It's a natural reaction.

We're seeing a technical reaction to yesterday's sell-off. But, I think we'll be seeing more selling Thursday and Friday.

What do you think my reaction is,

So in the background, too, is the notion that if there is any move to sell the dollar, there will be central bank intervention.