ARTICLE: China Takes Aim at Dollar, By ANDREW BATSON, Wall Street Journal, MARCH 24, 2009

Ultimately, this or something like this will happen. I have always viewed the interim to be the rise of a third global reserve currency based on Asia, then we'd have three reserve currencies whereby two would always be balancing the third. How hard to make unfold? The Euro is introduced ten years ago and becomes now almost one-third of the global reserve. One would think you could do the same with an "Asian" and within a decade, it would grab a third and reduce America's dollar to about a third (we sit now at about 70%. What this suggestion means is that China foresees the day when the dollar is not the big answer, but because Asia cannot put up one of its own, they ask for a make-believe global reserve currency in the meantime. Key para:

China's proposal is likely to have significant implications, said Eswar Prasad, a professor of trade policy at Cornell University and former IMF official. "Nobody believes that this is the perfect solution, but by putting this on the table the Chinese have redefined the debate," he said. "It represents a very strong pushback by China on a number of fronts where they feel themselves being pushed around by the advanced countries," such as currency policy and funding for the IMF.

So not exactly the end of the reserve dollar just yet, and yet it's the beginning of the end.