China Supports Dollar Standard

China may be trying to maneuver they yuan into position as the world reserve currency of the future, but for now, Chinese officials continue to support the U.S. dollar as the world's reserve currency. Indeed, even after efforts earlier this year to push for a new reserve currency (IMF drawing rights), China continues to affirm that the U.S. dollar is currently the only viable choice for a reserve currency. Besides, the political rhetoric is mostly show. As Boris Schlossberg points out in FX360, it is in China's best interest for the U.S. dollar to remain the world's reserve currency:

Furthermore, as we noted earlier, it is very much in China’s interest to maintain the value of the dollar, both from the balance sheet perceptive (because its holds nearly 2 trillion dollars of US debt), but also because the country runs a massive trade surplus with the US and any additional weakening of the dollar would dampen American demand for Chinese goods.

BRIC nations may be struggling with the idea of the dollar as the reserve currency going forward, but the fact of the matter is that the greenback is the best option for now. China may rise as the next economic superpower, and the country may be trying to position itself to take over from the U.S., but the dollar is likely to remain the world's reserve currency for another 15 to 20 years. But it appears that China is willing to wait, and is more than ready to play the long game.