Could there be a drastic switch from the dollar to the Chinese renminbi as dominant reserve currency?

The switch from the dollar to the renminbi as international reserve currency is currently taking place very slowly . It could gather speed as a result of increasing concern about the dollar's solidity and the United States' accumulation of external debt . But the weight of the renminbi as international reserve currency cannot increase drastically at present , given the shortfall of risk -free debt in China available for non-residents . A drastic switch from the dollar to the renminbi as reserve currency would require a sharp increase in the amount of risk-free debt in China available for non-residents, and therefore not held by Chinese domestic investors.