Tensions in the trade relationship have increased with reports that China uses prison labor to make cheap exports.
It makes important exports, particularly of local products such as raisins, olives and olive oil.
The pound and the peseta have again taken big dips, making German exports to those countries less competitive, as well.
That would make Chinese exports more expensive - something the bank has tried to prevent.
All that would do is drive the value of the dollar lower, making American exports cheaper, and therefore more attractive, to foreign buyers.
A weaker dollar makes American exports cheaper in foreign markets and imports more expensive.
That weakness has made British exports to Europe, in particular, more expensive.
And the strong dollar has made exports more expensive, a blow in particular to basic manufacturers.
A stronger yen makes Japanese exports more expensive and less competitive.
Good press reviews made exports starting to rise.