In response to The Beak. At the present moment China has redusced its holdings of US treasury bonds selling off what it has held, slowly since 2009, and is no longer buying them. China is fully aware that the bonds it is holding are becoming less in value, this being a deliberate act by the US government to create a smaller debt to China. To counteract this China has already started to trade internationally with local currencies for some time now. China is also aware that the dollar will fall as the international trading currency. China is also aware that if it attempted to use its own currency as the new world trading curency such an act would be disastrous for its own economy in the present world economic situation.
Theref ore China is prepared to become one of many countries with a percentage stake in a new virtual currency for world trade. As such a currency would stablize the world economy. Gold would play a part in such a currency, since there is not enough gold in the world for it to be used as a trading currency, and the world economy is totally different today, to what it was pre 1946, it is more complex. Neither would a new virtual currency be owned by any one state, since all countries involved would have only a share in a multilateral world. The US dollar would be pegged at its internal industrial output, which means its value would be lower than it is now. International trade would take place based on the new virtual currency. Therefore China would be accepting payment in the new virtual currency, not the dollar, just as any other country would do the same. The losers would be the crooks who created the mess we are in now.

In response to Starlight. Are you saying that China will accept US Fiat dollar as payment for the purchase of Chinese manufactured toilet paper? No Starlight, China will be asking for payment in US gold as payment, get it. Or, you may use the gold instead of the t-paper. What are you going to do? It's a joke, Asians has been using a leaf for a long time, but don't press too hard, the finger OK.

The US dollar is not dead, but its use as the international trading currency is coming to a close. Neither will any other particualr currency of any state or group, such as the Yuan, Ruble, or Euro take its place. Governments are very wary of taking on such risk given the consequences it could have on their own people and economy. What is to take place very soon is a basket of currencies will be formed to create a new virtual currency for international trade purposes. The US dollar will remain the currency of the US and as such the US will be better able to reinvent its economy for its own people and reduce its debt. Its international presence will also dwindle. This is the path to the world after the crisis.