reserve currency

To a large extent, isn't a reserve currency simply a function of minimizing transaction costs?  Especially transaction costs relating to acquisition of supply for businesses.  The dollar is useful as the basis of trade because a fair portion of global expenditures are in dollars.  If more is produced in China, at a certain point, people should be comfortable holding Chinese Yuan because they know they will be able to spend it.  I wonder how much of the status of the U.S. is based on its years of being the core manufacturer and agricultural producer of the world.