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Lots of countries, lots of businesses are plunging money into China.General Motors has this factory in Shanghai. The Park Hyatt is building this project in Beijing. It’s a process repeated thousands of times. And of course, China is also busy selling things overseas. So where does all this lead? Well, China has now built up foreign reserves of one trillion dollars. That’s a thousand billion, most of it in US currency, where even a small policy shift could throw global finance into chaos.

After a decade of being rigidly pegged to the US dollar, China’s currency is finally free. Well, sort of. The People’s Bank of China announced a new value, 8.11 to the dollar, strengthening the Yuan by about two percent, something the Bush Administration has been pushing for and a move economists have been saying China needed to make for its own good.