China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.
China would do anything to be free from the US Dollar. I wait for the time when it becomes a reality and would like to see if will enable achieve the financial dominance, they think is being suppressed by the US dollars.
Assuming this happens, the next thing we would hear is that they are trying to dominate the BRICs. Well, that's by the way what I like about its central bank digital currency (CBDC) is that, it has been in developed since the past couple of years. And it has gone through several testing phases unlike other countries that just jumped into it without any test and the project is failing woefully becasue they didn't do their due diligence.
China is not looking to get rid of the US dollar, it is looking to overtake it and take the dominant position of the US dollar. I think this will happen, but it won't happen soon because they will have to face many challenges from the US side, Americans will not sit idly by and let China get ahead. I do not support either of these two countries, because neither is better than the other, all for their own power and not for the other. But I love this currency war happening because it's not fair that the world is dominated by one great power. We need the world to become more multipolar so that more countries have a chance to thrive.