CHINA PREDICTS SHIFT TOWARD MULTIPOLAR GLOBAL MONETARY SYSTEM AS US DOLLAR LOSES GROUND
China is anticipating a more competitive landscape in the world’s monetary system, expecting that the dominance of the US dollar will wane and make room for other sovereign currencies in the coming years.
This perspective was presented by the People’s Bank of China in the context of rapid geopolitical and economic changes, along with growing doubts among investors about the United States.
Speaking at the annual Lujiazui Forum in Shanghai on Wednesday, Pan Gongsheng, Governor of the People’s Bank of China, remarked, “The global monetary system may continue to develop toward a scenario where sovereign currencies compete and balance one another in the future.”
He highlighted the ongoing global debate on reducing excessive reliance on a single currency and pointed out that the international position of the Chinese yuan has seen notable improvement in recent years.
