Xi Jinping's Call for Yuan as a Global Reserve Currency

China's Yuan Goal: To Become a Global Reserve Currency

Chinese President Xi Jinping emphasized that the yuan should be more widely adopted as a reserve currency on the international stage. In an article published in Qiushi magazine, he stated that China needs to build a strong currency in international trade, investment, and foreign exchange markets.

Need for Competitive Financial Institutions

Xi pointed out the importance of having a strong central bank that follows an effective monetary policy, competitive financial institutions, and financial centers that will attract international capital to achieve this goal. These statements came during a period when the USD is depreciating and uncertainty in global markets is increasing.

International Competition of the Yuan

The President of the People's Bank of China Pan Gongsheng had previously stated that the yuan would compete with other currencies in a multipolar international monetary system. According to IMF data, by the third quarter of 2025, the dollar will account for approximately 57% of global reserves, while the euro will hold a 20% share. The yuan's share of global reserves is only at a level of 1.93%.