[Phoenix]

All these currency trade deals like belt an deoat will be disastrous for China. China lend out trillion for belt and road now see so many years defaults because many counties are happy to take your money and don't pay back.

These  urgency deals are yet another of their follies. Why do I say that.

1. Because you need to settle.trade with Brazil or Iran or Venezuela you will need to keep alot of these currencies.

2. These are countries that are prone to devalue their currencies to solve their internal.probelms.
And all these currencies move down vs US dollar by 60-90% over decades. Their own citizens also like to convert and keep their own currencies in USD to avoid getting wiped out.

3. By doing such deals China  central Bank end up keeping many of these currencies that later will get devalued against US$.

Just like belt and road, it will.lead to massive losses for China .

Watching Xi he always like to pit against US but jn doing so it always hurts China through boomerang effects. Just look at Belt and Road.

This is a moot point.  Care to tell more on the mishaps of the Belt and Road initiative?

There are many hurdles to overcome in becoming a Reserve Currency and I believe it will take a long time to get a firm foothold as a viable  alternative currency.

Countries now are trying to diversify out of the Us Dollar, but thus far no other currency is a leading front runner.

Perhaps the BRICS currencies may introduce a new Reserve Currency, backed by Gold and other hard commodities, but their thrust is in physical trade predominantly.
Thus I see it as a transactional currency.

It is not that easy as some people think in dethroning the mighty dollar, at least for the next 5-10 years, if ever.