It's really about taxpayers subsidizing the balance sheets of the banks. Everything from TARP to ObamaCare to ignoring illegal immigration is about subsidizing the balance sheets of the banks, for if they were forced to disclose their true financial conditions to the world, Great Depression II would fall upon us like a hurricane. They are going to play "Let's Pretend" for as long as they can and hope for some inflationary miracle to bail the well-connected insiders out. Japan tried this, and they are still waiting...
This will end when the Chinese populace rises up and presents a threat to the State government - a threat much bigger than anything in Tiananmen Square. That's when China will decide the existential question trumps the international economic question, and then they dump their T's to pay for their own survival.