It is possible that China and Russia could form an alliance against the US dollar. Both countries have expressed concerns about the US dollar's dominance in the global financial system, and they have both taken steps to reduce their reliance on the dollar.

China has been working to develop its own payment system, the Cross-Border Interbank Payment System (CIPS), which could eventually be used to replace the SWIFT messaging system, which is currently used to facilitate most international payments. Russia has also been working to develop its own payment system, the SPFS, which could also be used to replace SWIFT.

In addition, both China and Russia have been increasing their holdings of gold, which could be used as a reserve currency in place of the US dollar. China's gold reserves are now the world's largest, and Russia's gold reserves are the sixth-largest.

If China and Russia were to form an alliance against the US dollar, it would be a major blow to the US economy. The US dollar is currently the world's reserve currency, and it is used in most international transactions. If China and Russia were to stop using the US dollar, it would reduce the demand for the dollar and could lead to its devaluation.

A devaluation of the US dollar would make US exports more expensive and could lead to a decline in US exports. It could also lead to inflation in the US, as imports become more expensive.

In addition, a devaluation of the US dollar would make it more difficult for the US government to finance its debt. The US government borrows money in US dollars, and if the value of the dollar falls, it will have to pay more interest on its debt.

A devaluation of the US dollar would also have a negative impact on the global economy. It would make it more difficult for businesses to trade with each other, and it could lead to a recession.

However, it is important to note that there are a number of factors that could prevent China and Russia from forming an alliance against the US dollar. These factors include:

• The two countries have different economic interests. China is a major exporter, while Russia is a major exporter of oil and gas. This difference in economic interests could make it difficult for the two countries to agree on a common economic policy.
• The two countries have different political systems. China is a communist country, while Russia is a semi-authoritarian country. This difference in political systems could also make it difficult for the two countries to agree on a common foreign policy.
• The two countries have different relationships with the US. China has a much more complex relationship with the US than Russia does. China is both a major trading partner and a major competitor of the US. Russia, on the other hand, is more of a strategic partner of the US. These different relationships could make it difficult for China and Russia to agree on a common approach to the US.

Overall, it is possible that China and Russia could form an alliance against the US dollar. However, there are a number of factors that could prevent this from happening. It is too early to say whether or not such an alliance will be formed.