China drives the euro

The politics of the eurozone crisis have pushed the euro to its lowest in almost two years - but should it really be much lower? Simon Derrick, global head of FX strategy at Bank of New York Mellon, explains to Long View columnist John Authers that changes in China's huge foreign exchange reserves have a direct influence on the single currency. Longer term, he expects it to settle to between $1.15 and $1.20.