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New Currencies to Emerge, Challenge USD: Says China Central Bank Chief
New Currencies to Emerge, Challenge USD: Says China Central Bank Chief
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China’s central bank Governor Pan Gongsheng predicts the rise of new currencies that will challenge the USD's global dominance. Speaking at a financial forum in Shanghai, he emphasized that the post-World War II financial order led by the US is nearing its end. A basket of currencies, rather than a single dominant one, may soon reshape the international monetary system.
The Chinese yuan is positioning itself as a key competitor to the dollar, with China actively pushing for its internationalization. The euro and pound are also vying for prominence. Gongsheng advocates for a multipolar currency system, arguing that reliance on the USD disadvantages other nations. This shift, he suggests, begins with strengthening local currencies.
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