Long term this is bearish for the dollar. It will contribute to the fall of the Petrodollar and the rise of the Renimbi to full reserve currency status.
As the recent fall in BTC is directly correlated with USD strength, this is possibly bullish for BTC as we may see the USD weaken on this news. The cynic in me thinks this may actually explain part of the recent run-up in the dollar ... a pump and dump by the big players with insider knowledge.
Watch for a turn around in $ ...
https://www.tradingview.com/v/KcWtJSaK/Interesting times.
You do realise you can't be a creditor nation and be the reserve currency at the same time yes? For Renimbi to achieve reserve currency status China would need to run massive deficits, which i don't see happening anytime soon.