Only 58% of global reserves are now in USD. Can the renminbi replace it?

While more reserves are now held in the renminbi, it is still less than one-fourth of the total shift away from the dollar, that too mostly by Russia

Just as old habits die hard, old faith in a currency too takes time to erode. So even though the dollar as an international reserve currency is slowly giving way to other currencies, it still rules the roost it has occupied for 50 years.

Until August 1971, the world depended on a country's gold reserves to gauge its ability to pay for imports. It wasn't that your import value could only be as much gold as you had. But gold backstopped your paper currency in some acceptable multiple.

Then the American government, being the sort of goonda it is, unilaterally