PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
The governor of the People’s Bank of China has outlined a vision for a global monetary order that would not be dominated by a single currency.
In a speech today (June 18) in Shanghai, Pan Gongsheng said a system dominated by one country’s currency came with “inherent instabilities” that risked global financial crises and economic weaponisation. “The international monetary system is likely to continue its evolution towards a system where a few sovereign currencies coexist and compete with checks
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