This is also English ver. of original Japanese article posted below:

As predicted, things are moving (at least in the direction wise) as noted in previous posts (Japanese one below), and honestly speaking, I'm surprised with myself. So I'm going to try to write another post in similar topic.

Shown in above articles (all three are same content in different languages),  it illustrates one of recent confrontations between the U.S. and China, esp the policy of the U.S. (Trump administration) toward China.

"The Memorandum of Understanding" signed in 2013 by the China Securities Regulatory Commission (CSRC) and the Chinese Ministry of Finance with the Public Company Accounting and Auditing Board in the U.S. (PCAOB), the entity overseeing the auditing firms of U.S.-listed companies, has been revised by the Trump administration. They call it a 'unilaterally discarded policy". 

This would make the delisting of Chinese companies from the U.S. market a fairly likely.

According to several news sources, there is also the possibility that China's five largest state-owned banks may lose access to the U.S. dollar due to economic sanctions from the U.S., and it is not hard to imagine for Chinese companies to face difficulties of raising funds (including equity and debt) in the U.S. and from U.S. markets.

Under such circumstances, the Chinese are taking their "counter"-measures. As mentioned in the article above, local government-backed investment companies are raising debt financing domestically for infrastructure investment as a part of economic stimulus package. This type of funding has a slightly different meaning than the shadow banking in China, which also became a problem a few years ago, because of local governments being behind it. Yet  the fact of debt fund-raising wouldn't change, and the size of the debt is immeasurable at ¥1000 trillion.

On another note, Ant Group, a subsidiary of Alibaba, is aiming to make initial public offering (IPO) in both Shanghai and HK according to the report. Note that Alibaba is listed in both NYSE and HK. The company is said to mark its enterprise value (EV) at $150 billion (¥16 trillion), and Ant Group operates both 1) the Alipay smartphone payment system and 2) the personal credit rating system, Ziama Credit, with more than 1.2 billion Alipay users worldwide. We don't know what Ant's market capitalization will be, but you can see that it's quite large. (Incidentally, Toyota, Japan's largest automaker, had a market capitalization of ¥22 trillion as of July 21, 2020, and if you add in its net debt (total debt minus the cash equivalent, as of March 2020) of ¥23 trillion, theoretically the company's value is about ¥45 trillion.)

If "an eye for an eye", then modern proverb can be "money for a money", aka financial conflict between two large superpowers, the U.S. and China. This could also lead to another trends including future digital RMB, which will surely have a big impact on the world's reserve currency.