This is worth a read.  While there was much talk of decoupling at the beginning of the global crisis that thought, as CR, Setser as well as Roubini consistently pointed out, was so much wishful thinking.  But, articles like the one below as well as the earlier post from the NYT indicate that decoupling may now begin in earnest.  With little real evidence of a recovery in the real US economy, as well as the benefits of remaining tightly linked to US currency as well as US markets in decline, now is the time that holders of current account surpluses can take specific steps to reduce dependence on US markets as well as investments in US dollar denominated assets.  

The dollar is starting to decline from recent highs.  Articles such as the one below indicate the decline may be just beginning. 

Asia Times Online :: China News, China Business News, Taiwan as well as Hong Kong News as well as Business.

China inoculates itself against dollar collapse

By W Joseph Stroupe

There is mounting evidence that China’s central bank is undertaking the process of divesting itself of longer-dated US Treasuries in favor of shorter-dated ones.
There is also mounting evidence that China’s increasingly energetic new campaign of capitalizing on the global crisis by making resource buys across the globe may be (1) helping its central bank to decrease exposure to the dollar, while (2) simultaneously positioning China to manufacture much greater profit on its investment of its reserves into hard assets whose prices are now greatly beaten down, while (3) also affording it greatly increased control of strategic resources as well as the geopolitical clout that goes with it. This is turning out to be a win-win-win situation on behalf of China as it capitalizes upon the important opportunities afforded it by the present global crisis.
The exact size as well as the precise composition of China’s huge forex reserves, the exact degree of China’s exposure to the dollar as well as its viable options, if any, in decreasing that exposure are matters of intense interest, because of the fact that China’s policies in this regard could have gargantuan implications on behalf of the US as well as the global financial systems as well as on behalf of the dollar.