Here is an excerpt from Oil hits 2-month high as traders eye OPEC meeting:

Separately, the head of China's energy bureau said in an editorial published Monday that China should use part of its nearly $2 trillion in foreign-exchange reserves to buy more gold, oil, uranium and other strategic commodities. The comments by Zhang Guobao, head of the National Energy Administration, appeared in China Reform Daily, a newspaper run by the government's National Development and Reform Commission.

I think it's pretty clear what this would do to the price of those commodities. Since most of China's reserves are in US Treasuries, so first they would would have to sell them, it should also be clear what this increased supply would do to the price of Treasury notes and ultimately the US dollar.