China says yuan's global rise is 'irreversible' and has a strategy to back it up

Key facts

• China's central bank believes the yuan's global ascent is irreversible.
• The People's Bank of China has developed a strategy to enhance the yuan's international usage.
• The strategy aims to reduce global reliance on the US dollar.

The People's Bank of China has declared that the yuan's growing international presence is an irreversible trend and has a strategy in place to support this trajectory. The move signals Beijing's intent to further challenge the dominance of the US dollar in global trade and finance.