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China is scrambling as a result. Unseating a global reserve currency is the sort of process that happens over decades, not years, and usually has more to do with the decline of the dominant power than the rise of a challenger. (That’s how it worked in the past with the Dutch guilder and the British pound sterling, in any case.) Even so, China has to start somewhere. China announced earlier this month, for instance, that it is waiving transaction fees between the yuan and 12 other currencies, including the Singapore dollar, the Russian ruble, and the Korean won. (Noticeably absent from the list: the USD, the euro, and the Australian dollar.) China is pushing Belt and Road countries to use the yuan, is slowly but surely boosting the yuan’s international status via the trading of yuan-denominated crude oil futures, and is expanding tests of a new, PBoC-backed digital currency throughout the country.