Chinese President Xi Jinping has pitched for building a "strong currency" to expand the global use of the yuan and elevate it to the status of an international reserve, a move seen as a call to challenge the US dollar. China, the world's second-largest economy after the US, has been accelerating the use of the yuan in international trade to reduce reliance on the US dollar. China, the largest buyer of Russian oil and gas, has also expanded the use of the yuan in bilateral trade with Russia. Over the past year, the yuan has generally strengthened against the dollar, although international investment banks maintain that it remains below its long-term fair value. US President Donald Trump has warned of imposing heavy tariffs if BRICS countries move ahead with plans to challenge the dominance of the dollar.

Source: The Telegraph February 01, 2026 11:48 UTC