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Powell’s first response suggests this is going to be gloves off - and the bond market should be worried. If China wanted to establish the renminbi as a replacement for the dollar as the world’s reserve currency they could not have found a better method than have the US President try and prosecute the head of the Fed.
Official video statement by Powell https://www.youtube.com/watch?v=KckGHaBLSn4
I don't think they want RMB to become the world's reserve currency. It's got too many downsides for them. The destruction of the dollar's domination is desirable for them and almost everyone but the US though.
Fair
I disagree. A sizeable chunk of America's financial might is being able to export their inflation thinly around the world yet retain the power of the defacto global reserve. So much of their power evaporates with a weak currency. China's manufacturing dominance no longer solely based on an endless pool of cheap labour, but highly advanced automation can take a strong currency. Plus the relative hit to their only rival makes it highly desirable.
Edit: This is a pivotal moment to step in with strength and market based openness and begin to usurp the US who are now burdened with being unreliable markets. They were broad, deep financial oceans. Now its treacherous shoals filled with pirates. Money will flee.