Chinese President Xi Jinping stated that the yuan (renminbi) should become a global reserve currency, clearly outlining Beijing’s ambition to assume a stronger role in the international monetary system.
Xi Jinping’s economic assessments were published in Qiushi, the journal of the Communist Party of China.
Xi emphasized that China should build “a strong currency that is widely used in international trade, investment and foreign exchange markets, and that has achieved reserve currency status.”
The Chinese leader noted that achieving this goal would require a strong central bank capable of conducting effective monetary policy, globally competitive financial institutions, and financial centers able to attract international capital.
It was reported that these assessments were taken from a speech Xi delivered to senior officials in 2024, which had not been made public until this week.
The remarks came at a time of increasing uncertainty in global markets. A weakening U.S. dollar, combined with geopolitical and trade tensions and central banks reassessing their dollar holdings, has intensified debates over the yuan’s international role.