China’s ill-fated gambit to dethrone the dollar

Becoming the world’s reserve currency would come with costs China is unwilling to bear. The biggest is making the renminbi freely convertible. China’s central bank tightly controls the value of the yuan, and the government strictly limits the amount of renminbi allowed to leave the country. It would also require more transparency and predictability around rulemaking and market interventions. That’s anathema to Xi.

https://archive.ph/VgEwv

According to the editorial, only 2% of the world's currency reserves consist of the Renminbi vs 57% for the dollar. The Euro constitutes about 20%.