As the dollar falls against the euro and yuan again, European and Chinese officials are using the wobble to strengthen their currencies’ worldwide influence. The latest currency rate swings seem to be working for everyone, especially Washington.

With Lunar New Year approaching, China’s offshore yuan has reached its highest level versus the dollar in almost three years. Since January, the dollar has fallen 6% against the renminbi.

As the exchange rate approaches last month’s five-year high above $1.20, the euro’s 15% advance versus the dollar is even greater.

Last Thursday, European Central Bank officials said the ECB would support its long-standing goal for a ‘global euro’ by expanding euro liquidity to more countries, making euros cheaper and easier to spend abroad and strengthening the currency’s international role.

Austria’s central bank president Martin Kocher said the ECB must prepare for a major change. “We are seeing more interest in the euro by counterparts and I think that’s one of the reasons why we’re seeing some appreciation of the euro, why the euro is becoming more of a safe haven.”