People's Bank of China Governor: "Dollar Hegemony Weakening... Era of Global Currency Competition to Come"
Summary
- Pan Gongsheng, Governor of the People's Bank of China, forecasted a weakening in the dominant position of the US Dollar.
- He stated that multiple global currencies will coexist, providing mutual checks and balances.
- He also unveiled plans to establish an International Digital Yuan Operations Center in Shanghai and to expand the global use of yuan financial products.
Pan Gongsheng, Governor of the People's Bank of China (PBOC), stated that the dominant position of the US Dollar (USD) is weakening and projected that, going forward, other global currencies will engage in mutual competition.
According to Bloomberg on the 18th (local time), Governor Pan, in a keynote address at the Lujiazui Forum held in Shanghai, said, "As the dollar's hegemony wanes, several sovereign currencies will coexist, acting as checks and balances on each other."
On this day, Governor Pan also mentioned the internationalization of the Digital Yuan. He announced, "We will establish an International Digital Yuan Operations Center in Shanghai and increase the global usage of the Digital Yuan and yuan-based financial products by introducing yuan foreign exchange futures trading."
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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