The dollar's role as a reserve currency will not be under serious threat for the foreseeable future. Other currencies will only nibble away around the edges. Beijing will need to resolve its convertibility and capital controls issues if the yuan is ever to challenge the dollar's pre-eminence. It shows no sign of doing that at anything but the most cautious pace.

The euro and the dollar have boxed and coxed for primacy as the most used currency for global payments, but the yuan comes close to neither. Even BRI transactions get denominated in dollars.

Nor am I sure that China would want to take on the burden that being the safe-haven currency imposes on domestic economies.

As others note, the prime use of the digital yuan will be domestic.