China Aims for Global Yuan Dominance by 2025

China’s central bank has unveiled a strategic plan to boost the use of its yuan in international transactions, aiming for greater global adoption by May 2025. This ambitious initiative seeks to reduce reliance on the US dollar for trade and enhance the Chinese currency’s standing on the world stage. Governor Pan Gongsheng highlighted that this shift will ‘significantly expand the Yuan’s global role and reduce dependence on the US Dollar.’ The move aligns with existing efforts to promote yuan usage in cross-border payments, leveraging currency swaps and offshore RMB markets. 💰