HISTORY AND LIQUIDITY
Claudio Testoni, Masters in Buisness from UNISINOS, "Why China's Yuan Is Unlikely to Challenge the Dollar Anytime Soon", Foundation for Ecenomic Education: Stories, 11-17-2018. https://fee.org/articles/why-chinas-yuan-is-unlikely-to-challenge-the-dollar-anytime-soon/. Accessed 6-29-2023 by NT-JJ
It is important to note that the dollar has a history. The dollar is recognized as an international currency not only because of the US market size but also its history in international treaties and negotiations seeking the alignment of mutual interests in international trade. The yuan still has a long way to go in that direction.
In order for the yuan be the next international currency, perhaps the Chinese Communist Party would have to reduce power. The Chinese authorities probably know this but seem to want to postpone it as much as possible. International banks and institutional investors will only want to accumulate yuan if they can move their money into and out of China freely and if banks are strong enough to keep up with the waves of a market-driven economy. This means there are many variables to consider before promoting the yuan to the status of the main international currency.