If you read me till now and did not lose patience (or you kept on reading but lost patience ?), so much the better ! I will now answer your question directly. The long introduction was needed according to me to inform you of the COORDINATED Sino-Russian moves since the last 4 years (minimum) and their common endeavor. As everything great, it won't be easy and it will not be a straight line from point A to point B...
The USD as global reserve currency began in 1944 at B. Woods & when Nixon (On August 15, 1971) declared the non convertibility between gold and the USD plus Kissinger's negotiations with King Faisal of Saudi Arabia in 1973 so he accepted ONLY the USD for the much needed oil, THE PETRO-DOLLAR was born. The Saudis' reward is that the oil price surged by a factor 4 in one day.
2010-2016 : China destroyed the CIA network in Mainland China.
March 1, 2018 : Putin announced the Russian new weapons (Sarmat, Avangard, Khinzal, Zircon, Poseidon etc.) including hypersonics to the world thus annihilating the formidable threat of the American so-called defensive missiles system. The US 20-21 aircraft carriers became sitting ducks at the same occasion.
March 26, 2018 : China created the PETRO-YUAN at the Shanghai Stock Exchange.
December 2018 : Huawei's CFO Meng Wanzhou was kidnapped by the Canadian government, a vassal of the KFC, under a pretext. As you know, she was freed and went back to China the same day not long ago after ~ 3 years of illegal detention.
For me, THE LONG HYBRID WAR (Make no mistake, it will be long and I don't call it the Cold War 2.0 because it will be a much much more complex stuff, so to speak) opposing the KFC & The Sovereigns began in 2018.
End 2020 : the CIPS ( Cross-Border Interbanks Payment System), the Chinese equivalent to the Western SWIFT (Society for Worldwide Interbanks Financial Telecommunications) became fully operational. It was created in 2015.
2022 : The Russian equivalent (SPFS: System for the Transmission of Financial Messages) to the Chinese CIPS can be connected to it very easily if needed.
Of course, the KFC can sanction the international banks using the CIPS and the SPFS but given China's weight in international trade it will disrupt the global supply chains. Russia is also the seller of energy to many nations. The West did not disconnect entirely Russia from SWIFT because many Western nations (including Germany) need to pay Russia for her gas...Who will blink first ? I remind everyone that the USA is entirely dependent on Chinese products : pharmaceuticals, drones, computers, etc.
THE ECONOMIES OF THE US AND MANY WESTERN NATIONS ARE NO MORE ANCHORED IN INDUSTRIAL REALITIES (THE CREATIVE PHYSICAL ECONOMY) BUT QUASI COMPLETELY FINANCIARIZED WITH THE CASINO OF 1.5 QUADRILLION OF DERIVATIVES.
SO THOSE LIVING IN HOUSES MADE OF GLASS SHOULD LEARN NOT TO THROW STONES.
Now, the USD can be the global reserve currency through economical and military domination. If you have a true military challenger (essentially Russia but please be informed that China is not entirely defenseless...) and a true economical challenger (China) and an energy superpower (Russia) both capable of technical performances... Not forgetting that the KFC-NATO/USA has a most regrettable tendency to weaponize the USD making Russia, China and many other nations not comfortable with the USD...
Plus that most if not all petro-monarchies are now having talks with China & Russia behind doors...
Saddam Hossein and Muammar Gaddafi died not because they were dictators but because Hossein dared to accept Euros for Iraki oil and Gaddafi dared to propose the golden dinar as the currency for all Africa. Russia is not Libya and China is not Irak... And China & Russia move together in the international relations field...
What is happening now in Ukraine is essentially to prevent Germany to have a long term relation with Russia through NordStream II. Germany has to remain under the thumb of the USA because it's the last Western industrial nation.
All these combined factors will take down the dominance of the USD.