My understanding of pre-2008 was the economy of Russian and China were booming. If the governments had put their excess revenues back into their own economies, that would have exasperated the boom, later bringing on inflation. So they foreign bonds instead. Post 2008, they have not been renewing these bonds as they come due (from my understanding). So, yes, these two countries are holding a fraction of foreign debt as they used to hold.
The increase in money supply usually results in inflation. But coupled with a lower demand, deflation could be the result. Housing prices could come down. But I don't even think the monetarist wizards know what is going to happen.
The real surprise though is how most people and mass media cannot realize shutting down a significant part of the economy and subsidizing the losers in this new economy is not going to have an effect a year (maybe a bit more) from now.