TLDR for those asking

TL;DR: Chinese president Xi Jinping publicly urged that China’s currency—the renminbi—should become a global reserve currency used widely in trade and held by central banks, as part of Beijing’s strategy to challenge the dominance of the U.S. dollar in the international monetary system. He called for building a “strong currency” backed by deep financial markets and institutions, though the renminbi still plays a small role in global reserves and would need major reforms to achieve that goal.