China is on a ‘strong currency’ mission to make the yuan a global reserve: Xi
Xi Jinping says the goal of becoming an international powerhouse is a long-term one and will rest on core foundations
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.
He added that a financial powerhouse required a central bank that could implement effective monetary policy and macroprudential management, globally competitive financial institutions, and international financial centres that could attract international capital and exert influence over global pricing.
These, he said, should be matched by sound regulation, a robust legal framework, as well as a stable pool of financial professionals.