China is seizing an opportunity to challenge American dominance in global finance and exert greater international influence at the expense of the all-powerful US dollar. Over the weekend, the flagship ideology journal of China’s Communist Party published remarks from President Xi Jinping that outlined plans to turn the renminbi into a global reserve currency. China has spent over a decade trying to integrate the renminbi into international markets and ensure its stability as a global currency. A citizen walks past the headquarters of the People's Bank of China (PBC), the central bank of China in Beijing, China, on May 20, 2025. China has not explicitly stated plans to supplant the dollar, but rather expand the role of its own currency in comparison.
