The Collapse of the American Empire, page-11

IMO this has a double effect on the USD because both
China & Aus have to hold less USD to trade.

Up to now the Greenback global reserve status has meant that
trading countries all over the world including China have had to
hold substantial hoards of USD to balance trade. This offshoring
of USD meant that printing at home had a negligible effect on
a domestic oversupply and as such retained value, IMO.

The converse is, IMO, that the less USD is needed overseas to
settle trade the less latitude the Fed will have in printing Greenbacks.

Perhaps its beneficial to our AUD because China will have to hold more
AUD enabling the RBA to print an extra few billion. At present it is printing
$5 Billiona month reducing to $4 billion in October.

Neither the Murdoch Press or the AFR have mentioned what the currency
implications are for Aus with an increasing amount of our trade transactions
dodging the Greenback but of course they'd be over it like a rash if it
had an anti-China slant!.