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Chinese President Xi Jinping has issued one of his most explicit calls yet for the renminbi (yuan) to achieve global reserve currency status, framing it as a cornerstone of China’s ambition to reshape international finance and reduce dependence on the U.S. dollar.
In excerpts from a 2024 speech published on January 31, 2026, in Qiushi, the Communist Party’s leading theoretical journal, Xi urged the building of a “strong currency” capable of widespread use in international trade, investment, and foreign exchange markets, ultimately attaining reserve currency standing. He outlined essential building blocks: a powerful central bank with effective monetary policy, internationally competitive financial institutions, robust regulation, world-class financial centers, and top-tier talent. While not directly naming the dollar, the statement marks a sharpened articulation of Beijing’s long-term push—ongoing since Xi took power in 2012—to elevate the yuan’s global role.
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