Wrong. Chinese save in Renminbi. Mall developers pay builders in Renminbi. Banks potentially default on borrowers in Renminbi. Dollars are only for buying commodities, and external trade. There's 1/5 of the world's population in China who trade and do work for each other and they don't pay each other with dollars.

How does it do that? Do you mean the whole money is an illusion thing? And people only work when they have trust in the government backed bills? Cos this argument can work for any country too really..

.. what does a rice farmer in Northern China do when the government gives him 1000 crisp dollar bills ("or their electronic equivalent")?