No. of Recommendations: 2
The US dollar is going to continue being the major reserve currency for many years.
The US has large, liquid financial markets capable of taking huge investments.
And the US has a reputation for financial safety and rule of law.
China has a long way to go to replicate those characteristics.
Gold might stage a return though.

Also, being the major reserve currency might be undesirable. It leads to a stronger currency which in turn means less exports and so fewer jobs. These lost jobs might not be important if the economy has better ones available. So, China might not want to be a major reserve currency.

  Date              System             Reserve assets           Leaders
1803–1873 Bimetallism Gold, silver France, UK
1873–1914 Gold standard Gold, pound UK
1914–1924 Anchored dollar standard Gold, dollar US, UK, France
1924–1933 Gold standard Gold, dollar, pound US, UK, France
1933–1971 Anchored dollar standard Gold, dollar US, G-10
1971–1973 Dollar standard Dollar US
1973–1985 Flexible exchange rates Dollar, mark, pound US, Germany, Japan
1985–1999 Managed exchange rates Dollar, mark, yen US, G7, IMF
1999- Dollar, euro Dollar, euro, yen US, Eurozone, IMF

https://www.winton.com/longer-view/history-of-modern-interna...

Q4 2018 global reserve currencies
Dollar: 61.7%
Euro: 20.7%
Japanese yen: 5.2%
UK pound sterling: 4.4%
Chinese renminbi: 1.9%
Canadian Dollar: 1.8%
Australian dollar: 1.6%
Swiss franc: 0.15%
Other: 2.48%
https://wolfstreet.com/2019/04/01/us-dollar-status-as-global...
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