laws which they don't themselves control. For all intents and purposes, the US is as "authoritarian" as the chinese in this aspect. This is even demonstrated, albeit rightly so, by the russian financial sanctions, and currency freezes/seizures.
If you're part of the global south, but is rich enough to have foreign reserves, you will start to think about how to diversify.
No it isn’t. The reserves were frozen under due process and can be returned under specific conditions, i.e., Russia withdrawing troops from Ukraine. That’s what the rule of law is, unlike China that can seize your Yuan anytime, and there’s no due process to get it back.
> If you're part of the global south, but is rich enough to have foreign reserves, you will start to think about how to diversify.
They’ll still overwhelmingly stick to the dollar, not a currency that operates on the whims of a dictator.