economy
February 4, 2026
Xi calls for yuan to become global reserve currency
China’s yuan must become a global reserve currency, President Xi Jinping has said
TL;DR
- President Xi Jinping advocates for the Chinese yuan to become a global reserve currency.
- Xi believes a strong currency and a powerful central bank are essential for China to become a financial powerhouse.
- The yuan's role in international trade finance has grown, particularly after February 2022.
- Concerns exist about over-reliance on the US dollar, with predictions of a multi-currency global monetary system.
- Germany's financial authority warns the US dollar's reserve currency status could be challenged by 2026.
- The Bloomberg Dollar Spot Index recently saw a significant drop after US tariffs were announced.
- In Q3 2025, the dollar comprised 57% of global reserves, the euro 20%, and the yuan 1.93%.
- Russia and China have largely shifted their bilateral trade to rubles and yuan.
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