China’s central bank governor has said he expects a new global currency order to emerge after decades of dominance by the US dollar, with the renminbi competing in a “multi-polar international monetary system”.
Speaking at China’s flagship financial forum in Shanghai, Pan Gongsheng said the US dollar had “established its dominance” after the second world war and “retained its status up till now”. He warned of “excessive reliance” on a single currency.
“In the future, the global monetary system may continue to evolve towards a pattern in which a few sovereign currencies coexist, compete with each other, and check and balance each other,” he said, pointing to a growing role for the renminbi.
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