One major point often overlooked in this discussion is, that nobody trusts the Chinese government. In foreign policy, China has to pay dearly for very little trust/support in return. Therefore I don't see the dollar getting dethroned any time soon.

I also don't believe that China is getting risk management right. Corruption in government and industry, extreme growth rates and untrackable webs of debts will sooner or later stop Chinese growth unless it transforms into a much more liberal or democratic form of government.

For China, it's still a long way to the top.