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I'm curious why China isn't tempted to get the Yuan to become the reserve currency of choice. Why would that cause capital flight?
It's infamously hard to invest in non-state-controlled assets in China - that's one of the reasons why their domestic real estate industry became used as a financial asset more than housing; it was somewhat independent from government control.
In contrast, the USD largely has no regulations on how much capital enters or leaves the country, and private assets in places such as the New York Stock Exchange aren't going to be seized by federal authorities on a whim.
The mega wealthy of China already have to jump through many hoops to move their fortunes outside of the nation to places where they can properly invest without CCP oversight, so if one day their currency did become financialized similar to the USD and was allow to flow without restrictions, the outflow would be immense and likely very damaging to their domestic economy.