I don't agree that China is a financial colony of the US, but rather, China is highly dependent upon the dollar. And for the following reasons; 1) The dollar is the most trusted currency in the world and one of only a few that are classified as "hard currency", 2) The US economy is the largest in the world, 3) The US financial market is very open.
Since currency, ultimately is based on trust, trust in the government, laws, and transparency, the US will maintain her position for a very long time. Trust, is also relative. Meaning, even though S&P downgraded the US government, there isn't another country that is seen anymore trust worthy. So, in relative terms, that down grade meant very little.
For China to truely wean herself off the dollar, she needs to build a financial, legal, and governmental system on par or more transparent than the US. And while I believe she will accomplish it someday, it will day another generation.
China has to first free float her currency. Then begin to open her financial markets to the rest of the world. And all the while strengthen laws and governance to a point where the world trusts her with their wealth.
So, the end of China's reliance on the dollar is more up to her. And I believe it will happen. It just may take a generation. So, it is possible, that by the 2025, with China as the largest economy in the world, will still do a large share of her trade in dollars.
There isn't going to be a collapse of the dollar if China goes down the road of making her own currency a "hard currency". Rather, people will slowly begin to park their money in China. And really, that's a good thing. When people park their money into the US, they are in essence, providing easy credit to Americans, which is not so good.
So, ultimately, the balancing of the world's two largest economies will require China to strengthen her own financial markets, both in legal regulations and financial openess.
Baloney.
China is engaged in war by other means, against America.
Time to fight back. Import tariffs. Blockade COSCO container ships if needed.
Just say no. America first.