China Floats Ideas for “Multipolar” Currency System to Balance U.S. Dollar

People's Bank of China Governor Pan Gongsheng speaks at the opening ceremony of the Lujiazui Forum in Shanghai on June 18, 2025. Photo: AFP.

China announced several new initiatives aimed at increasing global trade in the yuan and to hedge against the dominance of the U.S. dollar. Pan Gongsheng, the governor of the People’s Bank of China, proposed a future where the global financial system would rely on several currencies.

Without naming the dollar, Pan warned against a single currency being weaponized and the dysfunction of a dominant system spilling over into world finance. “Going forward, the international monetary system is likely to continue its evolution towards a system where a few sovereign currencies coexist and compete with checks and balances,” he said.

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by Cobus van Staden

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