China trades directly with other countries than the U.S. today. They account for about 15% of global trade but the yuan is about 2% of the currency market. That

China trades directly with other countries than the U.S. today. They account for about 15% of global trade but the yuan is about 2% of the currency market. That, for context, is still the fifth highest currency. The reason people use USD (and the EUR) for global trade is liberal currency controls and long term economic stability. Perhaps China is approaching the latter but for the former the status quo of the yuan is on par with the current sanction regime of the USD and the EUR. Except that it exists for every trading partner and every transaction taking place in the yuan. The yuan is growing in importance naturally but before it becomes a global currency it has to be liberalized and no one knows what happens then. The CCP is pretty skeptical of liberalization and is going the opposite direction currently.