Very good read:

https://pracap.com/on-china-why-the-real-risk-is-cny-5-not-9/

“Once inflation reaches double digits in the US, China will pounce and kick UST and USD when it’s down. That’s why the anti-fragile hedges for a portfolio are:

  1. Energy
  2. Gold
  3. RMB bonds
  4. Perhaps Latam bonds”