It won't have any effect. "Blockchain" is just a buzzword being used by politicians, leaders and start-ups to burnish their tech credentials.
The essentials for a successful cryptocurrency are a) can you trust it and b) is it liquid enough for you to be able to either use it in commerce or cash out into fiat to pay bills.
I doubt anyone outside China will trust a coin issued by the Chinese govt and I doubt such a coin would get listed on western exchanges.