I am 100% agree with you - China without US market doesn't mean anything. The biggest creditor's benefit is to support US even paying for (sponsoring) the biggest US dollar drop (almost 50%).

And falling dollar will even increase the trade volume between China and US. But mention - all attempts to buy oil business by China were denied by US. It is the big game and sheiks are in too. There is no substitution for US as global currency (EUR zone doesn't have oil and mauch more vulnerable). The inflation will involve all world's currencies (more or less), however, dollar will stay on the top.