#China will be a pioneer leading the #world into a new and innovative #financial and #monetary #system, as global calls for an overhaul of the #BrettonWoods system – which has been in place f
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#China will be a pioneer leading the #world into a new and innovative #financial and #monetary #system, as global calls for an overhaul of the #BrettonWoods system – which has been in place for 80 years – gain traction due to the #US #abuse of the #dollar’s #hegemony and its irresponsible policy, as well as a fragmenting global #economy, Chinese and foreign scholars said.The new financial system is envisioned to be one based on a diversified set of #currencies rather than a single currency, they noted. It will be an #open, #inclusive system where the voices of #emerging #market economies would be better represented, and it will enable countries to join hands to promote global economic #growth and financial #stability.
The comments were made at the 2024 Tsinghua PBCSF Global Finance Forum in #Hangzhou city in East China’s #Zhejiang Province. The two-day event concluded on Tuesday. This year, the forum was themed “80 Years after Bretton Woods: Building an International Monetary and Financial System For All.”
Taking account of how the US has been #weaponizing and abusing its #dollar hegemony by imposing #unilateral #sanctions on other countries, attendees of the forum expressed hopes that a less dollar-centric system could be created from both a theoretical and pragmatic point of view. The #FederalReserve’s policies to deal with US #inflation and a #recession, which have had negative spillover effects on the world, have raised widespread concerns over an excessive reliance on a single currency.
The challenge being posed to #ClownWorld’s ambitions to rule the world are multi-faceted indeed. And the #pillars upon which Clown World rests are rapidly crumbling. I think it’s safe to assume that China will continue #dumping its #US #Treasury holdings.
China will be a pioneer leading the world into a new and innovative financial and monetary system, as global calls for an overhaul of the Bretton Woods system – which has been in place for 80 years – gain traction due to the US abuse of the dollar's …
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