China's hidden agenda?

Sometimes I wonder whether China's interest in the US dollar, and keeping its yuan tied to the dollar, is to essentially bankrupt the rest of the world and the US so that it can ultimately prevail as the global power.  You think I am nuts?  Not so fast.  Consider the following:

The Economist notes:

The financial crisis has sharpened fears of what Americans often see as another potential threat. China has become the world’s biggest lender to America through its purchase of American Treasury securities, which in theory would allow it to wreck the American economy. These fears ignore the value-destroying (and, for China’s leaders, politically hugely embarrassing) effect that a sell-off of American debt would have on China’s dollar reserves. This special report will explain why China will continue to lend to America

Paul Krugman writes:

If supply and demand had been allowed to prevail, the value of China’s currency would have risen sharply. But Chinese authorities didn’t let it rise. They kept it down by selling vast quantities of the currency, acquiring in return an enormous hoard of foreign assets, mostly in dollars, currently worth about $2.1 trillion.

Many economists, myself included, believe that China’s asset-buying spree helped inflate the housing bubble, setting the stage for the global financial crisis. But China’s insistence on keeping the yuan/dollar rate fixed, even when the dollar declines, may be doing even more harm now.

To which Dan Drezner adds:

the United States is not the country that's hurt the most by this tactic.  It's the rest of the world -- articularly Europe and the Pacific Rim -- that are getting royally screwed by China's policy.  These countries are seeing their currencies appreciating against both the dollar and the renminbi, which means their products are less competitive in the U.S. market compared to domestic production and Chinese exports.

So, now you tell me why my interpretation is screwed!