China’s Xi Ramps Up Push For Yuan To Rival Dollar As Global Trade Currency

Source: News18 | Original Published At: 2026-02-01 17:10:13 UTC

Key Points

• Xi Jinping advocates for the yuan to achieve international reserve currency status, aiming to reduce reliance on the US dollar.
• China expands Cross-Border Interbank Payment System (CIPS) and signs currency swap agreements with ~50 countries, including BRICS members.
• BRICS (now 10 members) explores a common currency and BRICS Pay payment system as alternatives to SWIFT, to be discussed at India-hosted summit.
• Yuan strengthens against the dollar but remains undervalued, with Goldman Sachs estimating ~25% below long-term fair value.
• US President Trump warns of tariffs if BRICS proceeds with plans to challenge dollar dominance.