The move would be essential for Beijing to turn into a true “financial powerhouse,” the president said
The Chinese yuan must become a global reserve currency, President Xi Jinping has said.
The yuan (renminbi) became the second most-used trade finance currency after the dollar following the escalation of the Ukraine conflict in February 2022, as sanctions targeting Moscow prompted many countries to begin trading with each other in national currencies. However, its role in official reserves remains limited.
Beijing must have “a strong currency, which is widely used in international trade and investment, and foreign exchange markets, and has the…
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