So much to say about this. Right off the bat, Hong Kong as one of the "countries" contributing to the effort when China recognizes Hong Kong as part of China under the "One Country Two Systems" standard and the CCP presence of state sponsored police and military being what makes it much different than China's strange claim that Taiwan is part of their country.

That isn't even the meat of the article though. Basically the article is saying that China is trying to do what the US dollar already does largely through dollar bills (as in El Salvador) but also in large part due to stable coins which the government did not have to create or fund to benefit from. The irony of course being the strict money controls China has wherein it is extremely difficult to get Yuan out of the country, which does not facilitate people outside of the country using Yuan...by its very nature.

Then there's the fact that China's economy is currently very functional because they devalue their currency to keep up the export economy they have whereas the US is an importer economy because (relative the other FIAT currencies) they have the strongest or least devalued of the currencies. This works fine given the economies of each country and the objectives each country is looking to achieve with their currencies, but it makes it much more difficult for someone looking to consider a new currency because their government went full hyperinflation.

That all being said, its still possible it could work simply due to the weaponization of the dollar. The playing field could shift where economies that callapse due to sanctions and therefore can not obtain dollars (the same issue as China's strict Yuan export controls) could potentially shift the tides for those countries looking for other options.

THAT all being said, I think we all agree that it would be preferrable if those countries choose neither route and choose the true non political money, Bitcoin, instead.