Xi pushes for yuan to become global currency reserve as dollar weakens

Chinese leader Xi Jinping has called for the Chinese yuan to become a global reserve currency, perhaps capitalizing on the dollar’s decline over the past year.

Over the weekend, the ruling Communist Party quoted Xi as saying Beijing needed to build a “powerful currency” that could be “widely used in international trade, investment and foreign exchange markets, and attain reserve currency status.”

Xi also stressed the need for a “powerful” central bank and strong financial institutions that can attract capital. The remarks were originally made in a speech to officials back in 2024, but were only made public this week.

The timing is notable given recent declines in the dollar, but the idea of the yuan quickly becoming a major reserve currency, or even supplanting the