China sees a world in which currencies compete strongly with the decline in the dominance of the dollar

The Chinese Governor of the Central Bank has offered that Gong Shang has made it clear to him so far for the future of the global monetary system, after decades of dollar dominance, and expects the world to see a more competitive system in the coming years. “The global monetary system may continue to develop in the future in the direction of a situation in which several sovereign coins exist, competing with each other, and the balance and balance of each other.” Ban noted that there are continuous discussions around the world about reducing excessive dependence on one currency, adding that the global Yuan position has been strengthened over the past year. Confidence in Washington has declined, confidence has decreased in the United States after months of volatile policies that Donald Trump has pursued since his return to the presidency. Investors recently reduced their ownership of the dollar, who asked European central bank president Christine Lagarde to invite the moment to grab the moment and improve the euro position on the world scene. China also wants to consolidate the position of the Yuan as a competitor of the US dollar, as part of the efforts led by President Xi Jinping to become China as a global financial power that has a stable currency that qualifies to play a growing role in the world trade, especially with the increase in tension with Washington during the second state. Trump duties pay US companies to accept the yuan that has strengthened the risk of customs duties this year from the momentum of these efforts, as some US exporters have requested the settlement of their transactions alternative currencies, including the Yuan, in an attempt to reduce the impact of dollar fluctuations, according to a US Bancorp official. stability, and can also drive countries to improve their discipline in economic policy. Ban says that among the options offered to reduce the dominance of one currency, such as the dollar, to improve the use of a neutral global currency, pointing out that ‘special withdrawal rights’ as a suitable option is subject, as it is a reserve asset issued by the International Monetary Fund. But he pointed out that there is an absence of consensus on promoting special withdrawal rights as an international currency, and that it must be issued regularly and with a greater size to achieve this goal, as it is currently only used in crisis. “The situation in which one sovereign currency dominates the payments across the border is a gradual shift.”