I don't see either China or Russia wanting reserve status or at least they recognize that is probably not a realistic desire. Jim Rickards says they just want to be included in the big boys club and I think he is right.

I think unless or until something drastic happens to the fiat currency system, the SDR will be the next big push for the major reserve currency. With China's Yuan now part of the SDR basket and China trading Yuan for SDR's as part of their reserves, I think the die is cast for the SDR.

The SDR also has one big advantage from a globalist perspective. Numerous countries have become disenfranchised with the way the US bullies things around and the USD being the big dog currency of the planet has (along with its military) allowed the US to do this. By going to the SDR countries like China and Russia have a bigger say in things and small countries may not feel the US can be as big of bully. Even though they pretty much run the IMF behind the curtain. Since the SDR has no home country, they can print out the wazoo if it suite their fancy. Rather than running into the problem of competitive devaluations (one country devalues so the rest feel they have to to remain competitive) they can devalue the SDR to their hearts content (and they will) and as long as the basket of currencies is relatively proportional it will not change the relationship between countries.

Don't get me wrong. I am not for the SDR. It is just another fiat currency that eventually will be printed into oblivion like all the others, I'm just pointing out that it solves some of the problems when a single country has the reserve currency. I think it will be the elites answer to all the other currencies blowing up. It will be claimed to be the savior.  And likely it will not be good for us plebes but will for the well connected. Rinse, repeat.

John