. @andymukherjee70 rightly points out tht CHIPS, SWIFT, & USD formn core of US fin hegemony, but as @michaelxpettis & @M_C_Klein point out China has to accept a lot more internal restructuring if it has to uproot the last till then for ROW its TINA.
https://www.bloomberg.com/amp/opinion/articles/2020-08-06/can-china-win-the-financial-cold-war-it-depends-on-u-s-allies?__twitter_impression=true
. @nishagopalanhk forgot to tag
As Eichengreen et al explain USD preeminence is also about geopolitics. Recent Chinese aggression towards ecos that are large reserve accumulators means they are less likely to shift their reserves any time soon towards CNY. @andymukherjee70 https://voxeu.org/article/geopolitics-international-currency-choice
The geopolitics of international currency choice

Economists have provided detailed analyses of the economic basis of international currency status, but they have paid less attention to the geopolitical underpinnings.  This column sheds light on the

https://voxeu.org/article/geopolitics-international-currency-choice
Due to infrastructural power of USD, it is not feasible for China to expect a big bang shift towards CNY but rather assiduously work towards a slow shift (Eichengreen et al, 2018: 181) @andymukherjee70 https://twitter.com/vashtalk/status/1289209743546826753?s=19
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