China is working towards making its currency, the yuan, a global reserve currency to reduce U.S. influence in the international monetary system. By strengthening the yuan and supporting IMF reforms, China aims to challenge the dominance of the U.S. dollar. As of October 1, 2016, the yuan has been included in the basket of special drawing rights alongside other major currencies. China's efforts to reshape global economic policies and institutions could potentially lead to the yuan becoming the world's new reserve currency.