China Highlights Xi’s Old Speech on Risks, Powerful Currency

Chinese President Xi Jinping’s pledge to curb financial risks and build a powerful currency with global reserve status, reiterated in a state publication, is boosting expectations of an accelerated push for yuan internationalization.

“What constitutes a strong financial nation?” according to Xi’s remarks published Saturday by the Qiushi magazine, based on his 2024 speech. “First, it should have a powerful currency, widely used in international trade, investment and foreign exchange markets, holding the status of a global reserve currency.”