The World is Already Dumping the US Dollar Pt 1 http://hamsayeh.net/economy/649-the-world-is-already-dumping-the-us-dollar-pt-1.html

Remember, the US Dollar and Dollar-denominated assets (Treasuries etc) are China’s single largest holding. So the reference to “foreign-exchange reserves,” is synonymous with “US Dollar denominated assets.”The following quotes signal the beginning of the End Game for the US Dollar: "We hope the U.S. government will take responsible policies and measures to safeguard investors' interests," [China’s ministry] said in a statement.“Foreign-exchange reserves have exceeded the reasonable levels that we actually need,” [China’s central bank governor] said. 

“The rapid increase in reserves may have led to excessive liquidity and has exerted significant sterilization pressure. If the government doesn’t strike the right balance with its policies, the build-up could cause big risks,” he said, without elaborating.These two statements, in plain terms, are China saying it’s sick of the US Dollar. Remember, the US Dollar and Dollar-denominated assets (Treasuries etc) are China’s single largest holding. So the reference to “foreign-exchange reserves,” is synonymous with “US Dollar denominated assets.”