The Chinese are net buyers of T-bills again, but what choice do they have WRT euro?

WSJ story.

For the first time in six months, China is back to being a net buyer of USG debt, "boosting its position as the top foreign holder."

China soldoff a bunch of T-bills near the end of 2009, spooking a lot of American observers.  For a while, it seemed like Japan was back to being #1 by default, but a revision of the data ended that notion.

Because of Greece and the EU's woes, everybody seems to find US T-bills once again the most attractive option--especially among the Europeans themselves.  While an imprecise measure, this suggest that America's prospects for floating future debt are improved.