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"monetary sovereign"

It still requires them to get many other rich countries to generally buy into their story.

As long as you keep buying cheap (And a few expensive) things made in China, you're buying into the story.

Where do you think your iPhone is built?

Not rich countries' consumers; rich countries' governments, economists, and academics.

What does their belief or disbelief have to do with whether or not China is a monetary sovereign?

I mean, I suppose they can all imagine that spherical cows exist, but wishing won't make it so.