I don’t think the world is ready to accept the Chinese yuan over the US dollar quite yet. Nor an IMF bill.
Well we could debate that and, hope to heck we decide correctly.
Or ... we could bring back American industry, have a balanced budget, a healthy growing economy, and improve American employment for generations to come.
I vote for Plan B.
We need a someone. A democrat or a republican, ANYONE to be brave enough to mention that America currently is embarked upon a policy of destroying ourselves.
Bring back American jobs.
Now.
China simply CAN NOT fulfill the role of the world's reserve currency. It is a non-tradable currency. You can not move money in and out freely. Its domestic banks are probably bankrupt, sitting on trillions of yuan of bad debt due to politically-directed lending and corruption.
The US would have to get A LOT worse for the Chinese Yuan to look attractive to anyone, IMHO. I would rather hold gold and silver.
Keep in mind we’re really in the realm of hypotheticals here. If the dollar goes down with a THUD, then I don’t think any fiat currency will be all that popular for a few decades. Precious metals or other hard assets will be used for savings. But for short term transactions, the yuan is a fair bet to be a currency of choice.