From FT Alphaville, on China introducing Rmb denominated bonds:

The recent drive by Beijing to  “improve” the renminbi’s international status has seen almost $100bn of international renminbi swap lines established in little over six months, and China’s Vice-Premier Wang Qishan has been charged with creating a special renminbi internationalisation task force.

For dollar bears China’s bond offering marks another step on the road to full renminbi convertibility – the point at which the renminbi floats and becomes a full blown international trading currency.

This would be very bad news for the dollar, which on Tuesday fell to the lowest in almost a year against a basket of major currencies.

Removing the dollar as reserve currency would mean that U.S. exports / imports wouldn’t be as significantly affected when random glorious people’s emerging market decides to employ mercantilist trade policies. Additionally it would be harder for the U.S. to run fiscal deficits. As such, shouldn’t Americans be pushing strongly for a move away from the dollar as reserve currency?