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Comment by Ambolia | Hacker News Reader

It looks like China has a working alternative since 2015 [1], not sure regarding your other questions if it's in their interests to expand it or not.

[1] https://www.scmp.com/economy/china-economy/article/3168684/w...

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But when China trades with Russia, they often trade in Euro or Dollar..

Would you trust the yen? Or the ruble?

The yen is Japanese, I assume you are thinking renminbi/yuan.

Ah, sorry yes!

The IMF trusts the yuan enough to hold reserves of it (https://en.wikipedia.org/wiki/Special_drawing_rights).

I wouldn't equate IMF currency holdings with some sort of endorsement as to how that currency is managed. https://www.reuters.com/article/venezuela-imf-reserves-idUSL...

Nowhere in that article it indicates IMF is holding Venezuelan currency.

When someone links an article in support of their argument you're not meant to read it, silly goose.

If they buy from Russia / China they will and do.

As recent as a month ago, they made a deal on gas settled in euro.

https://www.reuters.com/world/asia-pacific/exclusive-russia-...

Doesn't that say something about them not trusting each others currency?

Would you trust the yuan? Chinese people can't exchange to other currencies freely, or transfer money abroad. It's effectively held up by a captive audience (subjugated people).

From what I know they trade in multiple currencies including yuan.

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