Xi Jinping Calls for Chinese Yuan to Become Global Reserve Currency

The President of China, Xi Jinping, has called for the yuan to acquire the status of a global reserve currency, as reported by the Financial Times (FT). Xi stated that China needs to create a "strong currency" that can be widely used in international trade, investments, and foreign exchange markets.

The newspaper notes that the Chinese leadership has long sought to internationalize the yuan. The Chinese leader also emphasized the need for the country to have a "powerful central bank" to manage monetary policy, as well as competitive financial institutions capable of attracting global capital and influencing global prices.