I think you have a bit of a misunderstanding about the requirements! The purpose of everyone exchanging USDT for CNY is to be able to use domestic bank cards for consumption within the country, and your plan doesn't seem to allow for that. Secondly, if you really want to peg it, you can refer to how the Hong Kong dollar is pegged to the US dollar, which requires using US dollars as reserves.

I have been thinking, can we anchor USDT, USDC, and other stablecoins to issue a decentralized CNY? If we can anchor it, we wouldn't need to go through any domestic banks' RMB for reserves, and we could conduct all transactions using CNY. Let the domestic banks freeze cards and go to hell; the people who are worried about gold and panic, afraid of card freezes, afraid of being implicated, just don't let people trade coins with peace of mind.