China now buys most of Russia gas and crude oil exports. This trade is not settled via SWIFT. Look at the Euros decline since its gas trade with Russia ended... A lot of trade is not going via SWIFT- China has new conduits which are invisible to SWIFT. The Chinese CBDC was designed to enable this.

SWIFT is an antiquated, slow and expensive relic of US imperialism - like US imperialism it is in gradual decline...the Chinese are in no hurry to take over- but the trend and logic is in their favour as all major economies need to trade with China or suffer considerable economic loss...

China has won the trade war - US, EU even Japanese EV manufacturers cannot compete. Monetary hegemony has historically always followed trade domination.