China's Zhu Min Urges Global Yuan Expansion Into Commodities and Industrial Supply Chains

Highlights

• Former IMF deputy Zhu Min calls for wider yuan settlement in oil, gas, and mineral trade through People's Daily commentary.
• China dominates rare earth and critical mineral processing, giving RMB-based financing growing appeal for dependent foreign manufacturers.
• The yuan held just 2.11% of global FX reserves in Q2 2026, versus 56.70% for the dollar, highlighting major obstacles ahead.
• Beijing's five-part strategy includes Belt and Road RMB settlement, commodity yuan pricing, offshore markets, and digital payment expansion.
• The strategic risk for Western nations: rebuilding mineral supply chains without parallel financing infrastructure may preserve dependence on China.