This is exactly my take. Except I think there was never an interest by China to make the yuan the new global reserve currency but instead slow walk it back to

This is exactly my take. Except I think there was never an interest by China to make the yuan the new global reserve currency but instead slow walk it back to a gold standard, and that's what has been happening since 2008. If a single country's currency is the global reserve currency, all you're finding out is whose thumb you're under.