yeah, but there is no real alternative to it. Yuan is a non-starter.
I don't think it will go away completely. I think there will be a smaller percentage of the dollar and euro used for foreign reserves. I don't yet know what will replace that but yuan seems likely to gain relatively, gold? bitcoin? genuinely don't know. I also think it is possible that more countries will just demand that their commodities get paid for in their own currency so now countries will be forced to hold a basket of currencies.
I will be the first to laugh at anyone who says the value of the dollar isn't manipulated by our government but the Yuan is outrageously so. and they are proudly socialist. there is nobody using a Yuan as any large part of a reserve currency plan. But I do concede the "gain relatively" part. last point makes sense but that comes at a high cost to everyone. Fink's comments about globalization probably square with that too.
this topic may be worth its own thread
i think that some move away from the dollar/euro was inevitable with the emergence of China as a real world power
i think this invasion probably expedites that reality
i am not really sure how that functionally looks though (Saudi's actually selling oil in yuan could be significant)
