Xi Jinping calls for the yuan to become a global reserve currency

Main goal: To make the Chinese yuan a fully-fledged international reserve currency that will be widely used in global trade and investment and held in the central banks of other countries.

• The statement was published in an article in the Communist Party's main theoretical journal, Qiushi. The text is based on a speech Xi gave in early 2024, but it has only now been made public.
• Xi Jinping noted the need to create a "powerful currency," which requires strengthening the People's Bank of China, creating competitive financial institutions, and developing deep financial centers to attract foreign capital.
• Beijing seeks to reduce its dependence on the US dollar and expand its influence in the global financial system. The publication comes amid global discussions about the dominance of the dollar.
• Analysts note that China's ambitions face serious structural challenges, primarily strict controls on capital movements and the lack of open financial markets, which are necessary for true reserve currency status.