China’s Jinping outlines plans for “powerful” yuan to gain global reserve status amid dollar crash
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Xi Jinping is done being subtle. In a newly published commentary, China’s president made it crystal clear that he wants the renminbi to become a global reserve currency. The message was printed in Qiushi, the Communist Party’s own ideology journal. Jinping said China must create a “powerful currency” that’s used widely in international trade, investment, as well as forex markets and earning global reserve status. What’s new here isn’t the ambition, Beijing’s wanted this for years but how direct Jinping was this time. The article was taken from a speech he gave in 2024 to regional officials, but it’s only being released now, in 2026, while global markets are already on edge. The US dollar has fallen to its weakest level in four years, and 47th President Donald Trump said last week that the slide is “great.” With the Fed going through a leadership change and international tensions rising, central banks are starting to rethink their dollar exposure. China pushes renminbi as dollar weakens under Trump “China senses the change of the global order more real than before,” said Kelvin Lam, senior China+ economist at Pantheon Macroeconomics. According to him, Jinping’s push ties directly to the current cracks in the dollar’s dominance. In the Qiushi commentary, Jinping said a strong currency needs strong backup. He called for a “powerful central bank” that can actually manage money well, plus financial institutions that can hold their own globally. He also wants cities like Shanghai and Shenzhen to become international financial hubs that “attract global capital and exert influence over global pricing.” Pan Gongsheng, governor of the People’s Bank of China, had said something like this last year. In a Shanghai meeting with officials and investors, he predicted a new currency order. He said the renminbi would compete in a “multi-polar international monetary…
Filed under: News - @ February 1, 2026 5:17 pm