The lead article in the Financial Times today might support some of your suspicions. The Chinese are deploying their Forex reserves to target international opportunities. The official quoted stated that the ostensible targets of such investment will be natural resources and commodities plays, not Wall Street opportunities. This could be disingenuous subterfuge. Maybe they are playing both ends to the middle. The Chinese and the Americans are locked in a dragon/tiger dance. The Chinese have been increasing, not decreasing their purchases of Treasuries despite the call to arms to marginalize the dollar. If they do not support the American debt structure then their exports decline and unemployment is their haunting devil. If they try to liquidate their dollar reserves they will destabilize their own portfolio of wealth. And in the process throw America into a depression, further exacerbating a downward spiral in their exports.

It wouldn't surprise me that Geithner and Bernanke and their Chinese counterparts have had discussions on how to support their fears of runaway inflation. Supporting (manipulating) the American stock exchanges through GS and JPM and others seems no less tangible than the manipulation of the markets to support the failing banks since March by the Treasury and Fed.