On of the significant uses of eurodollars is for financing development in developing countries. Much of this has been done with eurodollar bonds from The City, or so I learned. But this is only one model. China and Russia could both engage in such development in Africa and Latin America either with bonds or direct financing. But, to me, the most salient characteristic of an international currency is the ability to settle trades in that currency and simply having a trade surplus facilitates that function. I wouldn't be worried about the lack of bonds for rentiers to hold.

"It is not necessary to have hope in order to persevere."