China, challenging plan against the dollar - Jinping: We must aspire to currency dominance in the markets
China is drawing up a plan to challenge American dominance in global finance by giving its currency more leverage over the almighty US dollar.
Geopolitical uncertainties, fueled largely by President Trump’s economic policies, have pushed the dollar to its lowest level in four years. Meanwhile, investors are flocking to safe havens, sending gold prices to record highs of more than $5,500 an ounce. This has given the Asian country a golden opportunity to promote the yuan as a viable economic alternative. The
Communist Party’s main ideological magazine published remarks by President Xi Jinping outlining plans to turn the Chinese yuan into a global reserve currency. That is the role the US dollar currently plays, making it one of the safest investments in the world.
No one expects this to change “in the blink of an eye.” But the sharp decline in the dollar’s value during the Trump administration has opened the door to potential challenges.
Leader Jinping told government officials that China should aspire to create “a currency widely used in international trade and foreign exchange,” with a “strong central bank” and the ability to attract investment and influence global prices.
But while China has portrayed the yuan as a convenient and safe currency for global trade, experts said that tight controls on the movement of money in and out of the country would discourage investors and financial institutions from relying on the currency’s reserves.
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