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According to CBN and the Catholic News Agency, it is.

Organizers for the 2008 Olympics in China have released their list
of items banned from the Olympic village where the athletes will stay.

Among the “prohibited objects” — Bibles.

The Catholic News Agency reports that the committee behind the Beijing games cited “security reasons” for the ban.

Athletes are also prohibited from bearing any kind of religious symbol at Olympic facilities.

The ban seems to undermine comments released by the country’s top
religious affairs official. Last month, Ye Xiaowen acknowledged that he
expected large numbers of religious faithful among the athletes,
coaches and tourists to be swarming into the officially atheist nation
during the Olympics. (Source)

But CBC.ca says, “not so fast.”

Beijing Olympic organizers are trying to quash reports that Bibles will be prohibited at the Games next year.

They say religious texts for personal use are welcome.

Controversy over the reported Bible ban is the latest speed bump for
China’s leadership, which wants the 2008 Games to project a positive
image of China.

The reports in the Catholic News Agency and European media touched
off an outcry, prompting a U.S. senator to call the Chinese ambassador
in the U.S. for an explanation.

The Beijing Olympics organizing committee flatly denies the reports.

A notice on the official Beijing Olympics website says visitors can each bring a Bible. (Source)

My guess is they let Bibles come in with athletes. The world is watching and they want to appear tolerant.