If I was the Chinese and the Arabs etc, I would deploy my foreign currency reserves as quickly as possible in buying US assets, things like real estate and gold mines. Once I'd got rid of most of it (without causing the dollar to tank by just selling the currency), I would agree to start buying Treasuries again so long as they were denominated in gold or asset backed. The Feb will soak up all the Treasuries in the meantime.

This would have the advantage of kick starting a recovery in the US asset markets which would have a knock on effect on confidence and get people to starting lending and spending all this money they're printing so enhancing demand for Chinese exports and Arab oil. It would also put a stop to foreign financing of the US debt ponzi scheme. It might also ignite a hyperinflation in the US if things got out of control but you have to pay the piper somehow...