A fistful of dollars?

https://x.com/RnaudBertrand/status/1859446480198828360

“China issued $2 billion in USD-denominated sovereign bonds in Saudi Arabia, which means that investors lent USD to the Chinese government that they promised to pay back. That’s what a bond is. So far, relatively boring.
[…]
“What this means for the US is that China would effectively be competing with the US Treasury in the global dollar market. Instead of countries like Saudi Arabia automatically recycling their dollars into US Treasury bonds, they could put them into Chinese dollar bonds that pay the same rate.”

So the issue is, with the dollar as the world’s reserve currency, it makes sense for national capitalists classes to invest their profits in America, if they can take their dollars elsewhere, the US is in trouble. It’s long been known that China holds enough dollars to crash the US economy if they sold up, but if they simply become, as the author states, a nation that can issue dollar bonds, then it becomes a real rival to the US.

This could all be Chinese propaganda, but it could be a real challenge to US economic dominance, particularly if it helps restructure the dollar debt of the global south.?