From Dr Shen who seems to have objectivity. The battle drums may beat about the South China Sea but the Renminbi entrance to SDR status may be more significant.
If SDR is not part of your morning reading diet it’s rather ratified, but is significant, because it is Western (American led) acceptance of the RMB in its journey toward being a reserve currency.
That is significant because their decisions on interest rates, for example, would affect us. The dollar is by far the worlds largest reserve currency, used extensively as basis for transactions across the globe.
The possibility the USA will raise interest rates means global funds will tend to move towards the dollar and away from other economies. This has major impacts.
So the evolution of the RMB towards reserve currency status is a new option and its impacts are to be seen.
It is difficult to imagine the architecture of global finance can remain unchanged. But globalisation and shared agendas for sustainability involves shared ownership of many arenas.
The world is beginning to change and it is one reason why we need to study the Chinese policy of Common Prosperity -Xiaokang.