China's Push for the Yuan as Reserve Currency

Marty summarizes Xi's push for a stronger yuan, central bank power and global currency ambitions.

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China | Push for Yuan as Global Reserve Currency

China has reiterated its ambition for the yuan to attain global reserve currency status. In remarks recently published by Qiushi, the Chinese Communist Party’s flagship journal used to convey policy intentions, Xi Jinping called for a “powerful currency” widely used in international trade, investment, and foreign-exchange markets. What’s new about these remarks is not their intended ambition, but rather how clearly those ambitions are stated to the public. Xi paired this plan with calls for a stronger central bank, globally competitive financial institutions, and tighter control of systemic financial risks.

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