They use the USD as a value benchmark but the transaction is done directly AUD to Rinimbi without converting to USD. As such the US does not get a currency cut and, over time, should this develop, the RBA will have to carry less Greenbacks as will China, Japan & Korea.
The USA has been in a unique position over the past 10 years which has permitted it to print $Trillions (current US debt pushing $28 Trillion) without incurring rampant inflation. From what I can gather, this is due to the majority of these fiat dollars being held outside the USA in the form of: -Chinese & Jap holdings of US Treasuries -Foreign central banks holdings of Greenbacks -Multinationals USD stashes in foreign tax havens.
IMO, even if China partially displaces the Greenback as the Global Reserve Currency, this will likely see a dramatic devaluation of the Greenback causing rampant UD domestic inflation and goldbugs are banking on that by holding the yellow metal and of course gold has been the chief hedge against inflation historically. .
