Chinese Communist Party (CCP) leader Xi Jinping has issued his clearest call yet for China’s currency to achieve global reserve status, signaling Beijing’s long-term ambition to weaken U.S. financial dominance and reshape the international monetary system.
In commentarypublishedin Qiushi, the Chinese Communist Party’s flagship ideology journal, Xi said China must build a “powerful currency” that is “widely used in international trade, investment and foreign exchange markets, and attain reserve currency status.”
TRUTH LIVES on athttps://sgtreport.tv/
While China has spent years promoting wider use of the renminbi, Xi’s remarks mark his most explicit articulation to date of a strategy aimed at elevating the yuan into the top tier of global currencies.
The Chinese president argued that achieving reserve status would require sweeping financial reforms, including the creation of a “powerful central bank,” globally competitive financial institutions, and international financial centers capable of attracting global capital and influencing worldwide pricing.
The comments were originally delivered in a 2024 speech to senior regional officials but were not made public until this week.
Their release comes amid growing global uncertainty as the U.S. dollar weakens,leadership changesloom at the Federal Reserve, and geopolitical and trade tensions push central banks to reconsider their exposure to dollar-denominated assets.
However, President Donald Trump recently described the dollar as being in a “great” position.
Kelvin Lam of Pantheon Macroeconomics said:
Source: SGT Report
