China's central bank predicts end to global dollar reliance

'Multipolar international monetary system'

“Excessive reliance” on the dollar needs to stop according to the governor of China’s central bank.

Pan Gongsheng, speaking in Shanghai, spoke on how the US dollar "established its dominance" and how relying on the sovereign currency of a single country, such as the dollar, has "inherent instabilities" and can cause "negative impacts". UK inflation falls to 3.4% in May but upside pressures persist Instabilities include a sovereign currency issuer putting its own interests first over the global public good and problems of a sovereign currency issuer spilling over, a complication which can "escalate into a global financial crisis". The alternative is a "multipolar international mon...