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What will China's decision to bypass the American dollar when trading oil mean?
It all starts with this article: http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan
"For the first time since the 1970's, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency."
What does this action by China mean? How will it affect people across the world and especially people in America? Will this escalate the tension between America and China? How will this affect the current world currency or the whole global economy for that matter? [Researched and sourced answers are preferable.]