Former Chinese central bank official calls for wider yuan use

Zhu Min called for wider international use of China’s yuan, also known as the renminbi.

He is a former deputy governor of China’s central bank and a former senior International Monetary Fund official.

His call came as Beijing upgraded digital-yuan infrastructure as part of efforts to reshape a global financial system dominated by the US dollar.

Zhu said China’s economic and trade strength, along with growing acceptance of the yuan, made it a credible alternative store of value.

He argued that wider yuan use could support China’s growth and give other countries another option as geopolitical risks intensify.

Zhu said China has the payment systems, liquidity tools and banking networks to support greater use of its currency.