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.
The tussle between China and USA is becoming even till death, and the issue is that there are areas where china has her own strength undenied, but will always tackle US strength,the US has built so much overtime steadily, both are not relenting but when it comes to gaining the power at all cost, China will have to earn the power by building around what US has use to succeed them.
In order to gain leadership in the world, China will have to have a strong advantage in all measures, as well as in those spheres and branches of international economy and cooperation, where the United States is undoubtedly leading today. It is not easy to replace the dollar with the Chinese yuan, as it is often said, despite the inflation of the dollar. China does not have the same inflation as the US dollar, only because the Chinese yuan is used only in China, and the US dollar is used by the whole world and the US economy must withstand this burden.