“I don’t think the Chinese Yuan can do that just yet…...What are the other options?”
I think China’s big enough now to do it. But if not them, maybe the Euro.
My two cents:
China is not stable enough to do it. Like Trudeau just killed the Canadian banks, China’s willingness to freeze and confiscate assets will not provide the assurance to international investors.
The Euro has its own problems: a socialistic economy that cannot provide for its own defense. That, too, does not provide a stable environment.
Digital currency remains too speculative.
There may be others coming, but I don’t see one on the horizon, yet.
EURO is going down along with the EU. I would be shorting the EURO and the Dollar and maybe going long the Pound.