Inside President Xi’s fresh drive to make the yuan an international reserve currency – what China would need to sacrifice
Xi Jinping's Vision for the Yuan as a Global Reserve Currency
President Xi Jinping of China has expressed a clear goal: he wants the yuan to take its place among the world's leading reserve currencies, a status long held by the US dollar since World War II. While this objective has been on China's agenda for years—evidenced by the introduction of cross-border yuan settlements in 2009 and the currency's addition to the International Monetary Fund's reserve basket in 2016—what stands out now is Beijing's decision to openly declare this ambition.
Recently, Qiushi, the Communist Party's official journal, published excerpts from a previously unreleased 2024 speech in which Xi urged officials to build a robust international role for the yuan.
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