China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.
This is a one good point. If ever that China is really planning to get rid or eliminate the usage of US dollars, then how they can that very sure that the existence of such cryptocurrency will not push people to convert it into US dollars to be able to make use of it since US dollar is a widely acceptable currency when it comes to transactions for it is very well known globally. It would be really a hard challenge and task to be done by China if such concern have brought up due to the issue building up between the leaders of this two big countries. It seems like the two countries are already taking it too personal to the extent that the things they are do on the past few months are against one another.