China is doubling down on its bid to challenge the dollar's global dominance. Analysts lay out why it's unlikely to succeed.

The US dollar's role in international trade is not likely to be challenged by China in the near future.

Russian President Vladimir Putin said that Brazil, Russia, India, China, and South Africa plan to create a new global reserve currency. China said it will build a new reserve with Hong Kong, Singapore, and three other states.

The dollar's position as the world's reserve currency is likely to be threatened by these moves. The US dollar has seen off challenges before.

The International Monetary Fund's international reserve asset is made up of a basket of currency.

Chris Turner, ING's global head of markets, said that the gun was supposed to be fired on the yuan becoming a major international reserve. The pick-up in the use of the Chinese currency as a reserve currency has been disappointing.

According to the International Monetary Fund, only a quarter of the shift away from dollars has gone into the renminbi.

The Australian dollar, Swedish krona, and South Korean won are not traditional reserve currencies.

The Chinese central bank maintains a seven-to-one ratio to make China's exports more competitive by pegging the currency to the dollar. It isn't likely to threaten its American counterpart as a global reserve asset.

Oanda senior market analyst Jeff Halley said that the plan for the reserve currency would be a challenge. The Chinese currency is not convertible and is managed against a basket of currencies, of which the US dollar has the largest weight.

Whether there are restrictions on how a currency is traded on the foreign exchange market is one of the questions. If you want to trade high amounts of India's rupee, you need to get approval.

The factors suggest that the dollar won't lose its pole position any time soon.

"I've heard this story many times," said Halley. The dominance of the US dollar won't be threatened in the foreseeable future. The currency of the largest economy is used in the largest and deepest capital markets in the world.

He said that none of that applies to the currencies of the other countries. I would prefer to be paid in US dollars.

The US dollar is strong due to inflation and rising interest rates.