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China's central bank chief expects new currency order will challenge dollar
Thomas Hale and Cheng Leng
Financial Times, London
Wednesday, June 18, 2025
China's central bank governor has said he expects a new global currency order to emerge after decades of dominance by the U.S. 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 U.S. 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.
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"In the future, the global monetary system may continue to evolve toward 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.
Pan said the key developments in the international monetary system during the past two decades had been the introduction of the euro and the rise of the renminbi since the global financial crisis in 2008. ...
... For the remainder of the report:
https://www.ft.com/content/ed04b26c-657d-4653-859d-c5a560c6b3e9
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