As the Federal Reserve and western central banks print massive amounts of money, China is stepping into the world's need for a stable currency.
In small, manageable steps, much like the U.S. after World War II, China is using it manufacturing base to establish true value in the market. Loans to BRICS aids in securing raw materials to China and markets for their products: China Offers Other Brics Renminbi Loans
Just as significant, is China has secured long term contacts with developing nations denominated in dollars.
China seems to continue buying EU and US debt. My guess is they are trying to keep the wheels on the cart as long as practical.
Mean while, US officials state: No Risk to Dollar If China Expands Yuan's Role: Geithner
As noted by the Joint Forces Command, a crisis in oil supply is coming by 2015:
"By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day."
As nations liquidate their dollar holdings to secure what ever energy is affordable, China will lose $1 to $2 trillion. In exchange they can offer their trading partners to honor the dollar denominated contracts or convert them for pennies on the dollar for the Yuan.
There may still be time to save the dollar, but all paths at this point are going to be very painful. My approach with the one agreement we have to build JPods networks in China is to denominate the contract in yuan and Hong Kong dollars.