President Xi Jinping has explicitly called for the Chinese yuan (renminbi) to achieve global reserve currency status. This move is widely characterized as a direct long-term challenge to the hegemony of the U.S. dollar.
In an article published in Qiushi, the Communist Party’s primary theoretical journal, on February 1, 2026, Xi outlined the requirement for China to become a “financial powerhouse”.
“Strong Currency” Mission: Xi stated that China must build a “powerful currency” that is widely used in international trade, investment, and foreign exchange markets.
Reserve Status: The ultimate goal is for the yuan to be held as a primary reserve by central banks worldwide, reducing global reliance on the U.S. dollar.
Strategic Counterweight: Analysts note that Beijing seeks to create a strategic counterweight to limit U.S. geopolitical leverage and insulate the Chinese economy from Western sanctions.