The only historical window when the US dollar could potentially be replaced was from 2008 to 2018. Once this window closed, the door to replacing the dollar was permanently shut.
The essence of a global currency is that it can provide liquidity for global economic development. Simply put, it can be used to measure the wealth of the world, whether material or immaterial.
For a country to become a global currency, it must meet two fundamental and extremely strict conditions: the central bank must be independent, and there must be a high level of political transparency. Only then can your monetary policy be predictably controlled. The United States most closely meets this condition, while the European Union barely qualifies, which is why the US dollar and the euro are the two currencies with the highest transaction volumes in the world. A currency is chosen by investors not based on the size of your economy or industrial output, but on the structure of the organization that issues this currency and whether it can be trusted by global investors. If you find that you cannot successfully transfer any amount of assets from one place to another, no matter how large your economy is, the confidence of investors in that currency will collapse instantly.
After 2008, the United States significantly released liquidity due to the subprime mortgage crisis, which damaged the credibility of the US dollar. At this time, the euro was the most hopeful candidate to replace the dollar, but Europe encountered the eurozone debt crisis, which weakened the credibility of the European Central Bank. The perception of the currency issued in this new century worldwide has sharply declined. Currently, the strongest currency in Europe and even globally is the Swiss franc, but the size of the Swiss franc is too small to provide sufficient liquidity.
By 2018, the global financial market was in chaos, and the emergence of virtual currencies completely eliminated any possibility of a new currency replacing the dollar. The credibility of the dollar is a spontaneous choice of the global market and global traders, but investors still have a bit of distrust towards the dollar because they do not want their assets to be controlled by any central bank. At this time, a controllable, completely anonymous decentralized virtual currency became the best choice to replace the dollar. Furthermore, Trump's support for virtual currencies accelerated their global adoption.
At this time, the renminbi replacing the dollar has become impossible in any timeline, leaving no glimmer of possibility.
