I think you might be crossing a few streams here. 1) Xi is a dictator. 2) ", but there are lots of backroom dealings between various power brokers that have t

I think you might be crossing a few streams here. 1) Xi is a dictator. 2) ", but there are lots of backroom dealings between various power brokers that have to be considered. " Yes, that's always the case. I think maybe what you meant to say is that the RMB is managed by the Bank of China in a fairly independent way, but that might not be fully true. And that's the point: just like Ali Baba is just a regular multifaceted cora. - it will 'have to do whatever Xi wants' when he wants to intervene. USSR was centrally planned, China is not - but - Xi can put is finger in any pot, at any time , for whatever reason. In this case, the RMB is a rational, independently managed currency with some political orientation - but most importantly, Xi has ultimate control. 3) It does not matter what happens when Xi leaves. 4) The RMB is a 'creation' of Xi/CCP because they can make it whatever they want. 5) That the RMB is freely convertible is a) false - there are heavy capital controls in China and b) it wouldn't matter. It's still a fiction of the CCP. 6) The RMB likes 'stability' but they mostly like to have the currency set to the value they want, i.e. political orientation. It's 'much more stable' than the RUB because China is much bigger and more sophisticated than Russia and can keep it that way. Either party at this point can do magic accounting whenever they want with their currencies in ways that Fed/ECB generally cannot. There's no trust between Russia and China, so they will have a hard time sharing their currencies.