In an article for the Chinese Communist Party’s “Shioshi” magazine, Chinese President Xi Jinping called for the yuan to become the world’s reserve currency. He wrote that China needs a “strong currency” that can be “widely used and has reserve currency status” in international trade, investment, and foreign exchange markets.
Xi Jinping noted that the country needs a “strong central bank” capable of effectively managing funds, globally competitive financial institutions, and international financial centers capable of “attracting global capital and influencing world prices.”
The Chinese leader’s article was published at a time of increasing uncertainty in global markets. The weakening of the US dollar, the upcoming change of Federal Reserve governors, as well as geopolitical and trade tensions have forced central banks around the world to reconsider their dependence on dollar assets. According to the International Monetary Fund, in the third quarter of 2025, the yuan’s share of global reserves was only 1.93%, ranking sixth among all currencies. The dollar accounted for approximately 57% (compared to 71% in 2000), while the euro accounted for approximately 20%.
