“The idea that two oligarchies are going to replace the dollar as the reserve currency with their rub(b)le or yuan is beyond preposterous.”
Sounds like the systems are already up and running. Just depends on how many countries sign up.
Let's see. Pretend I'm the leader of a country.
Do I want to base my trade deals on a currency that nations (including Russian citizens right now) will literally fight to protect access to?
Or do I want to base my trade deals on garbage code some Indians hacked together in their slums, that represents factory nations who depend on buying nations to even survive?
Decision, decisions...
Would you sign up with a system run by the mafia?
“Sounds like the systems are already up and running. Just depends on how many countries sign up.”
The Yuan is not freely traded. It’s pegged to the dollar. China does not have a transparent financial market. It does not have the enormous liquid market of US Treasury paper backing it up. All of this and more is needed for it to ever be considered a reserve currency and it’s not remotely close.