Leader in tech (by existential margin) -> manufacturing -> trade. US got reserve currency because they had (more or less monopolized) peak tech stack, and also

Leader in tech (by existential margin) -> manufacturing -> trade. US got reserve currency because they had (more or less monopolized) peak tech stack, and also happen to be only manufacturing superpower post war. Only way to develop to modern standards is to have what US had (hence existential), and only US can make it at scale. Over time the tech gap (well MIC gap) = US can leverage for petro dollar, i.e. like saying you can only buy water in USD. Then virtuous cycle of overwhelming accumulated liquidity for dominant reserve currency + FED policy functionally guaranteeing US will eat Triffin shit if investors kept propping up USD with favourable ROI. And IMO investors will continue to until US realize Triffin not worth it. Meanwhile PRC not entertaining being reserve because eating Triffin shit / be global lender of last resort retarded. What PRC does offer is selling entire tech stack to get 90% modern at 30% cost. At least PRC fine for short/medium term if investors run to US to watch line go up (at the expense of US debt -> domestic drama), while industry runs to PRC to for material goods that keep their country running. It's a degree first/second order leverage (indispensable tech/industry to supply indispensable tech) that builds reserve currencies, having goods no one else has, in PRC case, having goods at affordable prices no one else can match, and in many ways bypass downsides of Triffin, as long as PRC can convince enough countries to settle in RMB for transactions relevant to PRC interest.