The Chinese Economy is a house of cards that can crumble at any time.
Their $1 trillion in reserves might plug the holes in their banking system.
I hope it doesn't, but... a few months ago I heard the host of a radio travel show describe his last trip to China. He took a domestic flight into some city I've never heard of, that apparently has several million people. The brand new airport has about thirty gates, but only enough traffic to use four or five. The other twenty five gates just sit there, gathering dust
The host said the whole industrialized part of the country is like that. The host spent ten minutes raving about how far sighted the Chinese are, to build infrastructure far in excess of their current needs. To me it sounded like the worst speculative over building I've ever seen, magnified, and nation wide.