In short wrote:
You keep coming back to this. Not in my lifetime will this shift happen. Note that China holds over $970 billion in US treasury bonds precisely because they want and benefit from a strong dollar to keep their export revenue strong. The idea that major exporting nations would pursue an economic policy that automatically and significantly devalues hundreds of billions of dollars of assets is risible. Moreover, such a shift to devalue the dollar would raise the cost of all these nations' exports not only to the US but to many other nations. Devaluing the dollar would seriously undermine the economic and political stability of the BRICS member nations themselves. Read the headlines. You think Xi wants a weak dollar?
At some point another generation or two down the line if China can re-initiate strong economic growth and actually become the world's greatest economic power, then I think you could well see a revaluation of the dollar's role as an international currency, but the shift would be done deliberately and rolled out in such a way as to minimize financial disruptions that benefit no one.
A good point. I ask myself though at what point can the US debt to China be written off as a sunken cost and the benefits of petroyuan outweigh $1 trillion.
And there's always that Taiwan thing.
