The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.
China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
This is nothing new really, if you take a look at the past decade you will see that China is buying everything they can with their dollars, not only they are buying gold knowing full well that a global crisis is coming, they are also lending money to other countries and they are buying all kind of resources with their dollars, and I cannot blame them sooner or later the world will wake up to the fact they have allowed the US to flood the world with paper money that has less and less value as they keep printing more of it, and once when everyone tries the same strategy as China that is when we will see hyperinflation taking place all over the world but especially in the US.