Warren Buffett has a simple answer for National Debt crisis.
Said as long as the Nations Debt is held in the Nations currency there is no immediate problem (may have later inflation), but countries who hold debt in other currencies are f*cked like argentina.
One not of interest is China actually has two currencies, a domestic and a federal/global trade settlement currency. Yuan and Rebminbi are separate and different me believes. This likely keeps the CBankers in greater control. The likely rue the system we have whereby we keep printing and printing, and they cannot bring us to our knees (we may do that ourselves though).
https://www.scmp.com/news/china/diplomacy/article/3082832/africa-has-question-beijing-will-you-forgive-us-our-debt