And then there's the euro's poor performance to date.
The currency has succeeded in revitalizing Europe's capital markets, but it has been a failure as a store of value. Launched at a value of US$1.17, it has lost ground and rarely traded above US$0.90.
Dollars, Beijing knows, are a safer bet than euros.
The euro recently traded at US$0.8733.
"Despite a desire for a new reserve alternative, there is absolutely no chance that China's dollar-denominated reserves will be reduced to make room for euros," says Richter of TheGlobalist.com.
That doesn't mean many folks here in Hong Kong like the dollar peg.
While Asia was hit hard over the past 18 months as global growth slowed, Hong Kong weathered an added burden. Its currency hasn't fallen like the others, leaving the city an expensive place to do business.
Many observers think the peg is a counterproductive relic, since the local economy's stability is no longer in doubt. To many, it's far outlived its usefulness.
For better or worse, Hong Kong has resigned itself to maintaining its pegged currency. That also means hitching its hopes to the US dollar, whether Chinese officials like it or not.
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