2. Commodity imports
China has 4 options to stave this off:
1/ Stop growing
2/ Produce more oil
3/ Buy more oil abroad
4/ Print CNY for oil
China is using their clout in global physical oil & gold markets to make CNY partially convertible on a limited basis thru oil & gold markets.
If the US wants CNY fully convertible, it need only allow gold to rise to proper USD levels.