@izzythepush,
No one suggested printing more money.
However, since you brought up inflation, if China were to somehow sell a very large amount of their US bonds, they would end up with a large pile of cash and no market large enough to invest it in. That would cause the same sort of inflation that you describe, only in China.
China would not be able to sell nearly as many of their bonds as you might think, so this isn't going to be a problem for them. But if you want to imagine them selling huge numbers of US bonds, that would be one of the many pitfalls that China would face as a result of doing so.
(Also, the so-called "petrodollar" isn't something that anyone in America cares about.)