China’s central bank governor, Pan Gongsheng, has indicated that a new global currency order may emerge, challenging the long-standing dominance of the U.S. dollar.
Speaking at a financial forum in Shanghai, Pan emphasized the need for a “multi-polar international monetary system” where multiple sovereign currencies coexist and compete.
He highlighted the renminbi’s growing role, noting it is now the world’s second-largest trade finance currency and third-largest payment currency. Pan’s remarks followed comments from European Central Bank President Christine Lagarde, who suggested that the dollar’s dominant role is uncertain, potentially paving the way for the euro’s prominence.
The discussions come amid ongoing geopolitical tensions between China and the U.S., with Pan advocating for greater use of Special Drawing Rights (SDRs) as an alternative to a single dominant currency. Additionally, China announced the establishment of an international operation center for the digital renminbi in Shanghai, furthering its efforts to promote a renminbi-centered currency system.
#Binance #wendy $BTC $ETH $BNB
