The US has hardly won any trust when they demonstrated how their word and their policies are just barely good for the length of a presidential term.

At least China is relatively stable and predictable. Which coincidentally are important qualities of a reserve currency.

Did the American legal system break while I wasn’t looking? Wake me up when rich Americans start moving to China to protect their wealth and for protection from local government whims.

What does a nation care about the legal system of the country behind their reserve currency?

Furthermore, most "tax havens" are hardly known for their strong goverments and legal systems. Quite the opposite. Not that it matters, since this discussion is really about the reserve currencies of nations.

China has plenty of countries in serious debt to them that they could use as leverage. "Switch to the Yuan as your country's reserve currency, and we'll forgive some of that crippling debt we've saddled you with!"

If I owe you $1,000,000, I've got a problem. If I owe you $1,000,000,000,000, you've got a problem.

Or however the quote goes. China is not the majority debt holder for any country that I know of, even though they might be substantial ones. I don't see this strategy working if they tried it.

China hardly even needs that leaverage to bulli a small nation. Though it may make a good casus belli should the need arise.