China overtakes Japan to become the second largest economy (in terms of market exchange rates) in the world. It was already the second largest economy in terms of purchasing power parity exchange rates.
http://www.bloomberg.com/news/2010-08-16/china-economy-passes-japan-s-in-second-quarter-capping-three-decade-rise.html
China reconsiders its dollar reserve holdings
http://www.bloomberg.com/news/2010-08-15/china-favors-euros-over-dollars-as-bernanke-shifts-course-on-fed-stimulus.html