China’s central bank governor envisions the end of US dollar dominance

At a financial forum, Pan Gongsheng highlighted the emergence of a new global currency order, emphasizing a multi-polar system where different sovereign currencies could compete.

The renminbi is making significant strides, becoming the world’s second-largest trade finance currency and the third-largest payment currency, challenging the established dollar.

With ongoing geopolitical tensions, Pan advocates using Special Drawing Rights as an alternative to single-currency dominance, while China progresses with its digital renminbi initiative.