Has China Decided to Dump One Trillion US Dollars?

Normally I wouldn't give the Hal Turner show a minute of my time but he may be on to something here:

"According to this Senior source, China told the U.S. delegation they no longer have faith in U.S. Currency for several reasons:
1) The Federal Reserve Bank ceased publishing "M3" data in March, making it nearly impossible for anyone to know how much cash is being printed. China said this act made it impossible to tell how much a Dollar is worth.
2) The U.S. Dollar has lost upwards of thirty percent (30%) of its value against other foreign currencies in the recent past, meaning China has lost almost $300 Billion simply by holding U.S. Dollars in its reserves.
3) The U.S. has no plans whatsoever to reduce deficit spending or ability pay down any of its existing debt without printing money to pay it off.
For these reasons China has decided to implement an aggressive sell-off of U.S. Dollars before the rest of the world does so. China reportedly told the US delegation; "we are the largest holder of U.S. Currency and if the rest of the world unloads theirs before we unload ours, we will lose our shirts."

For one thing all the above reasons apparently are based on fact. Many countries around the world are shying away from the dollar, and a selloff would turn into a stampede for the exits. For another, half of Codpiece's cabinet was just in Beijing at what was called the Strategic Economic Dialogue with China, and by some accounts it didn't go well as China lectured the americans. Then again, it is the Hal Turner show.