US dollar's status as foreign exchange reserve and trade medium is highly unlikely to be dethroned in the mid-term (through the next decade or so), and I say this as perhaps the biggest Chinaboo on this website. China doesn't want to make Yuan the new global reserve because it means Yuan will instead become free-floating and more susceptible to trade moves from speculators.
60% of all foreign reserves are in US dollar. https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
Overseas Chinese people have learned to keep their heads down during this new cold war and especially in the wake of COVID-19 so it's mostly other East Asians and South East Asians that get beaten up. Ironic.