War in Ukraine might give the Chinese yuan the boost it needs to become a major global currency -- and be a serious contender against the US dollar

China and the U.S. compete to be the world's largest economy, but the dollar dominates the yuan as a currency. peng song/Moment Collection/Getty Images

The Chinese economy’s sheer size and rapid growth are impressive.

China maintained one of the highest economic growth rates in the world for more than a quarter of a century, helping lift over 800 million people out of poverty in just a few decades. The country is the largest exporter in the world and the most important trading partner of Japan, Germany, Brazil and many other countries. It has the second-largest economy after the U.S., based on the market exchange rate, and the largest based on purchasing power.