Bullshit Financial Times propaganda. China has no intention of turning the RMB into a new global reserve currency, that would make it impossible to have the kind of capital controls and monetary policies that China prefers to have on its currency which give it a lot of advantages domestically and as a manufacturing and export economy. Having global reserve currency status only makes sense if you are a neoliberal empire like the US and even then it's as much a shackle on you as it is on those you use it to coerce/exploit.
this post was submitted on 04 Sep 2023
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I don't think China plans to turn RMB into any sort of reserve currency either, but it is starting to play that role to an extent now because it's the most useful currency outside the USD right now. Pretty much all countries import stuff from China, so holding RMB makes sense because you can always convert it into something useful that you need. This is why we're seeing trade outside the dollar increasingly happening in RMB. However, I do think the long term plan will be to create some sort of a BRICS currency that will be used to do exchange and it looks like it's likely to be modelled on the Bancor idea that Keynes proposed after WW2.
Money isn't wealth. No amount of money will save them.
Save who?