China and Russia, have agreed to trade bilaterally with each other using their respective currencies, the Renmibi and the Rouble. The decision to drop the dollar will reduce demand for the US currency. It is interesting to note the way Russia and China are slowly and painfully becoming closer to each other, in relation to their interests with India and Pakistan respectively.
It is interesting to note what a world will look like where Russia and China are good allies with each other. However, rumours have indicated, (and Pakistanis should take this into account) that Russians fear that the Chinese may enter Siberia and demographically "take it over", especially if a push is given by global warming. It may seem like paranoid fear mongering, but it does indicate the mindset of Moscow viz a viz China. There is also the added history of the Sino Soviet split during the Cold War, although that may have had more to do with leadership of the Communist world rather than a full on Chinese and Russian nationalistic clash of interests.