These are headlines from the past 2 days:
- China Downgrades US Again, From AA To A+, Outlook Negative, Sees "Long-Term Recession", Blasts QE2, Expects Creditor Retaliation
not yet clear whether the Renminbi, gold, SDR, Bancor or something else
will eventually take the throne of the new world's reserve currency. See this and this.
And many settlements are still, obviously, being made in dollars.
But there is at least an argument that the dollar has already lost its status as world reserve currency, even if there is no ready replacement to jump into the breach.