Anglo mouthpieces are in visible pain when they are forced to report that China has secured the mother lode of cobalt and nickel in the Congo despite Anglo American attempts to force African nations to hand over control of cobalt mines to anglo Americans.
Finally the Russians come around to sense and realise Indians were trading the subcontinent equivalent of the US dollar for precious limited resources Russian crude oil.
indians really should only pay for goods in yuan or gold; everything else is ephemeral
Simple terms explain in supermarket scenario below:This is the dilemma of dedollarization. Dollar might be crap, but you might replace it with a worse crap. Someone like China could swallow the crap just to inflict political damage on US, but not everyone can afford that. Furthermore smaller country can give political concessions in exchange for making a country accept bad currency, India is too big for concession.
Indian mart has spices, pharmaceutical drugs
Middleast bazaar has oil, gas, spices
Russia has grains, barleys , gas, oil, military equipment
Brazil has beef and poultry
African country has minerals and fertilizers
SEA nations has rice, fruits
China has finished products ( electronics, cars, trains, infrastructures, military equipment, finished goods) aka Supermarket
By trading in Renminbi all the nations can choose to trade for finished product from China or China will pay in a voucher (Renminbi) if they do not want to exchange for finished goods, Chinese supermarket voucher are recognized to exchange amongst other products with other countries.
Imagine an Indian mart want to also issue a voucher that can only exchange with spices and drugs, most would rather have China supermarket voucher which they can get everything, that's the case of USD hegemony because China accepting USD as interchangeable w their voucher , once China and others stop accepting USD voucher -it's gameover.
Getting your currency accepted is not done in one day , it's take decades of industry diversification so you become the supermarket and your "voucher" can be accepted