My QAnon-brained coworker is trying to convince me that Texas is joining BRICS and we're going to go back to the gold standard. Also this man is heavily invested in the Iraqi dinar currency. He obviously couldn't explain what any of that meant, so I'm coming to the one source I can trust; strangers on the internet. What the hell is gonna happen?
I don't think dollar is going away anytime soon. For a new currency to appear, everyone has to trust it and use it for trade. It also has to be ensured that the country issuing it keeps it freely convertible. Yuan is not suitable for this because of China's capital controls which makes it not good for trade.
Check out Triffin dilemma Wiki article.
Edit:I think more important than de-dollarization is for import dependant countries to switch from fossil fuels to nuclear/renewables. This will reduce the demand for dollars and foreign exchange in general by a lot. For many large countries including China and India, oil makes up a significant chunk of imports.
Yuan not gonna be the reserve currency. Even the cpc doesn’t want that, the multipolar world just gonna have country using their own currency for trade and ditch the US dollar since the dollar itself is not stable with the US govt weaponizing it. The Yuan gonna be use more because China is an industrial power, and everyone want to buy stuff from China. What the US have for export when China achieve high end manufacture? Other than fake “freedom” and their shite culture.
Don't underestimate international demand for :so-true: "culture"
US sanctions are a large part of what's driving the push for de-dollarization. China's capital controls don't have to be great for trade, only better than US's own currency controls.