China needs to build a “strong currency” that can become widely used in international trade, investment and foreign exchange markets, and reach the status of a global reserve.
The mission for the yuan was from excerpts of a speech by President Xi Jinping and published online on Saturday by Qiushi, the ruling Communist Party’s leading theoretical journal.
Xi made the speech in 2024 to provincial and ministerial officials about building the country into a global financial powerhouse.
Over the past year, the yuan has generally strengthened against the dollar, although international investment banks argue that the Chinese currency remains below its long-term fair value.
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The excerpts published on the weekend outlined what Xi described as the core attributes of a financial powerhouse: a strong economic foundation, world-leading economic and technological strength, and a widely used and credible currency.
