Agree, and feel like the only instance in which a Chinese CBDC becomes a threat to the US is one in which the US allows too many own goals -- i.e., default on national debt, political insecurity, or perhaps more specifically the failure to get FedNow / other updates to SWIFT that modernize the payments system. In these cases, perhaps a digital yuan is relatively more attractive?

Or, what about the argument that the real-time visibility into payments will improve real-time macroeconomic management, and that while central planning in the past might have been too blunt a tool, perhaps central planning with this level of current data is in fact better than a free market competitive system? If the government can "play its role effectively" and also allocate resources efficiently, then we don't need the market to allocate resources (calling back to that old 3rd plenum saying). In that sense, perhaps the US is also at risk, at least from an economic competition perspective?