Chinese President Seeks Global Reserve Status for Renminbi

Beijing – Chinese President Xi Jinping has called for the renminbi to achieve status as a global reserve currency, underscoring Beijing’s ambition to expand China’s influence in the international monetary system.

The ruling Communist Party’s flagship ideology journal, Xi said China must develop a “powerful currency” that can be “widely used in international trade, investment and foreign exchange markets, and attain reserve currency status.” The remarks are the clearest articulation yet of his vision for a “strong currency” and the financial foundations needed to support it, including a “powerful central bank,” globally competitive financial institutions, and international financial centers capable of attracting capital and influencing global pricing.

Originally delivered in a 2024 speech to top regional officials, Xi’s comments were only recently made public. Analysts say the timing reflects heightened uncertainty in global markets due to a weakening U.S. dollar, shifts at the Federal Reserve, and ongoing geopolitical and trade tensions. “China senses the change of the global order more real than before,” said Kelvin Lam, senior China+ economist at Pantheon Macroeconomics, noting Xi’s emphasis on the renminbi amid “recent ruptures in the global order.”

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