Yes, but in this case the US Government is the bank... China owns $700b of their debt, and can effectively either ask them to pay it back (cash out) when the bonds mature or dump some - or all - of them on the bond market at any point they choose.
Dumping them reduces their value, including any of China's remaining holdings, but would almost certainly cause the US' credit rating to be downgraded - and therefore the interest required to service its debt - all $38 trillion and counting of it! - to go up. It doesn't take many fractions of a percentage point increase to cause the US economy real problems in that scenario. If they decide to cash out mature bonds, then the US either has to pay up - which basically means balancing cutting budgets and raising taxes to raise the cash, or printing more money and devaluing the Dollar to pay for it instead; meaning prices of US imports and the cost of servicing the remaining debt both go up again. Neither are going to be popular with the US electorate.
The final option would be the nuclear one; default. That would crash the US economy completely, and bring most of the rest of the world's down with it, but especially those that have a significant slice of the global financial markets and a heavy reliance on imports (US, UK, EU...), but less so for those that, for various reasons, don't import much and are less dependant on the financial markets (BRICS). A default would also mean that the US' credit rating and value of the USD would go way down, so interest rates go through the roof and the cost of imports would skyrocket. On the plus side (if you can call it that), with the USD being worth less compared to other currencies, and perhaps significantly so, it could become *really* easy for the US to export anything it can still produce once the dust settles.