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.
I don't see how it is going to be possible - if it would people would use yuan already instead of usd.
So one centralized currency (even digital one) won't replace usd as another centralized currency.
That's why bitcoin and other cryptos find their users - it is decentralized, so not tied to any country's economy