The liquidity advantage the USD holds is largely derived from its dominance in trade payments. USD is required to be held by all central banks in order to participate in SWIFT and enable trade payments which are still mostly denominated in USD. Japan, Europe and the UK are all militarily and monetarily subservient to the USA. So, China is building its alternative to SWIFT and its partners are preparing their capacity to participate in mBridge. MBridge itself is already operational but the official launching of it is where this trade war steps up several notches and the risk of direct military conflict becomes much higher. China and its allies are increasing their strength as that of the US empire declines, but timing is still a crucial factor. Bitcoin, unfortunately has close to zero chance of adoption by the Chinese government - western Bitcoiners might like to think it could happen but they do not understand the absolute conflict between Bitcoins founding principles (individual 'rights') and the ideological basis of the Chinese governments ideology - collective state power projection. Bitcoin does deliver superior monetary performance to an individual participant but in that delivery it deprives the nation state of its fiat monetary and CBDC monetary leverage- that is something it would make no sense for the CCP to adopt. This is something Libertarian Bitcoiners clearly struggle to understand. Just as they fail to understand their individual wealth and privilege is based upon the global hegemony of the USA via the USD and the fact that nation states ability to project power via military and monetary organs is hugely determinant in the wealth of nations. Libertarians remain mystified regarding Chinas and its mixed economy where the state regulates capital issuance and allocation and how it has already won the trade war with the wests decadent rentseeking crony capitalism where private capital owns and directs their governments. When trade payments shift to the digital mBridge protocol then liquidity dominance also shifts to the Yuan, as Chinas dominance in trade is then also shifted to dominance in trade payments and liquidity.