For Beijing, it’s not so much about replacing the greenback within the current system but creating an entirely separate alternative

Barely a day goes by without a headline about the Chinese yuan gaining further traction in global trade. As de-dollarization gains steam, the currency of the world’s second largest economy has been thrust into the spotlight.

The dollar paradigm assumes any serious currency must be supported by a framework of full financial liberalization and open and deep capital markets. The greenback’s extensive liquidity is also underpinned by massive US deficits – dollars flowing out to the world – making one wonder if the system as we know it could even function if the world’s chief currency didn’t belong to a country with chronic trade deficits. ........more below

https://www.rt.com/business/590794-yuan-dollar-global-dominance/