Xinhua published an article from Security Times, which argues that since China has become the number one debt holder of the US, China should have more say.
The article argued that accumulating US dollars in the short-term by China is unavoidable since other foreign reserves are not as appealing as the US dollar, but this approach may be harmful to China in the long term. As the creditor, China faces two risks: the default risk of the US dollar, which is unlikely, and the exchange rate risk. It was written in the article that China should reduce its foreign reserve and accumulate more raw materials instead.
Source: Securities Times, November 20, 2008
http://www.p5w.net/today/200811/t2018539.htm
Also published on: Xinhua, November 20, 2008
http://news.xinhuanet.com/fortune/2008-11/20/content_10385110_1.htm