china wants to dump Trillion in U$D held in China Banks

Channelnewsasia.com: "'That would be foolhardy of them to do that,' Bush said in an interview with Fox News, adding he doubted the report was based on sources from the office of Chinese President Hu Jintao. 'If that's the ... position of the government, it would be foolhardy for them to do this.' US Treasury Secretary Henry Paulson meanwhile said on CNBC that suggestions that China was considering selling off dollar-denominated assets to hammer the already weakened US dollar were 'absurd.' "

...
two officials at leading Communist Party bodies had given interviews in recent days warning that Beijing might use more than a trillion dollars in foreign reserves as a political weapon in the event of US sanctions designed to punish Beijing for yuan manipulation.