The Yuan also rises
Reflecting global reach, credibility of national governance and economic dominance, currency convertibility can be facilitated in practice but cannot be summoned by diktat; trust will be earned in the long haul
U.S. Dollar
U.S. dollar - Indispensable and Challenged
Debt issuance in U.S. dollars is privilege but the reserve currency status is a straight jacket with flaws - Expectations run high, everyone wants a piece while American control gets harder, diluting responsability and credibility