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Come on man, at least ask an AI if this is plausible before suggesting it. China exercises capital controls, if they allowed free convertibility then Chinese people could invest overseas and earn better returns than their horrific internal market which would collapse their whole investment model. And you can see how China has treated Australia or Lithuania using their economic influence when the nations displeased them, the devil you don't know is hardly some stable partner.
You could maybe make an argument for a euro swap but it has its own problem, like that there isn't one unified euro bond market, each state has its own so there is no equivalent to a US treasury. And to be a reserve currency you need to have a huge amount of outstanding accounts, There literally are not enough euros in existence to make this kind of thing work and the process of printing and spending them would very likely wreck the European economy.
Finally Who is protecting the rest of the seas? Who owns the other straights? If we're going to enter a US isn't responsible for foreign shipping protection and in fact being able to threaten shipping entitles you to extracting rents from shipping then I know of an entity that is able to threaten every ship everywhere.
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