My personal take is that China has quietly watching how the US/NATO/West/EU/UK has implemented the 7+ rounds of sanctions on Russia and is prepping itself for that possibility if things go south over/on Taiwan, cause we all know that the same idiots that sanctioned Russia (which has/have dramatically backfired) will look to likewise place a crap ton on China.
So in short, its China’s way of minimizing damage, damage that would inherently come from being tied to the US dollar.
I don’t believe China is looking to invade Taiwan immediately. They will continue to threaten and make provocative crossings of the Taiwan Straight, but otherwise, why would they?
The US is throwing Europe into the pit of its proxy-war with Russia, Europe is becoming de-industrialized, NATO weaponry is being steadily drained in Ukraine, Russia is occupied with this war, and financial calamities appear to be forming in the West.
Its like WWI - the West is again engaging in senseless self-destruction.
China can draw up the bridges, sit back, and watch it happen.