Roubini: Chinese renminbi will replace the dollar

"While the dollar’s status as the major reserve currency will not vanish overnight, we can no longer take it for granted. Sooner than we think, the dollar may be challenged by other currencies, most likely the Chinese renminbi. This would have serious costs for America, as our ability to finance our budget and trade deficits cheaply would disappear."

http://www.nytimes.com/2009/05/14/opinion/14Roubini.html