NO. No one, except governments in highly political deals, wants to hold Chinese Yuan.
Chinese banks are state-run, finances are completely opaque, and they operate as political arms of the CCP. Moreover, China has strict capital controls and foreign-exchange rules.
The same reasons you would not trust the US Government with your money (and you shouldn’t) are multiplied several times over with China.
Having said that though, many other options to holding US dollars will arise, as the US Fed.gov resembles China more and more.
Utterly unlike the US. Well we aren't communist. We are fascist where a few banks control US finances so its not the same - except it sort of is.
“The same reasons you would not trust the US Government with your money (and you shouldn’t)”
I buy TBills all the time. By law treasury debt gets paid first before any other government obligations.
I don’t trust the government in anything else.
Add that we are the world’s third largest (population wise)
nation, we are resource rich, and if we were to rid our selves of Democrats, very free.
Dollar will survive. I’m not about to start using Chinese money. How long do you think Amazon would survive if they wanted payment in Yuan?
This article totally misses that the dominance of a given currency as a reserve currency is based on politics not economics. Hypothetical: when Saudi and UAE induce OPEC+ to require their oil to be paid for in Yuan, then Central banks around the world will trade dollars for Yuan without hesitation. This would thus hinge on a political decision by OPEC. Not saying it will happen tomorrow. But by next year it might.