Is this the demise of the dollar?

'Not surprising, China, who hold $739bn of US treasuries are concerned that Washington puts its domestic economy needs before its creditors; inflation, should it occur, would cost them dear. The Governor of the Chinese central bank, Zhou Xiauchuan, has said that a reserve super currency could be created to replace the dollar's role as the reserve currency of the world. This would take the form of further issuance of International Monetary Fund's Special Drawing Rights. The SDR is a reserve asset that was created by the IMF in 1969 and has the potential to act as a reserve currency. To everyone's surprise, Tim Geithner then put his head above the parapet and said that Washington was open to China's proposals. He clearly got his bottom slapped and went back on his statement.'
Editor- Will China start to demand more presence on global stages as it influences American policy through the dollar reserves that it holds?