Looks like China launched the gold backed "petro-yuan" a few hours ago. This will be a major sanction evader for any terrorist supporting countries under US sanctions by the Treasury. e.g. if Iran is put back under sanctions after scuttling Obozo's Iran deal, they can still trade all their oil on the yuan market. US will have to sanction China to restrict their futures exchange, or Iran and other will have to deal with alternative approaches that Bolton recommends.

Secondary effect is that it could over time degrade the strength of the dollar (assuming other countries trust the yuan from a communist dictator). Though lower dollar usually is a big plus for manufacturing exports.