The dominance of the US dollar is weakening, and the Governor of the People's Bank of China believes that competition among currencies is intensifying.

According to a message from the Gate News bot, Bloomberg reported that Pan Gongsheng, the governor of the People's Bank of China (Central Bank of China), articulated his vision for the future of the global monetary order after decades of dollar dominance in the clearest terms yet, predicting a more competitive system will be established in the coming years.

Pan Gongsheng stated in his keynote speech at the Lujiazui Forum in Shanghai on Wednesday: "In the future, the global monetary system may continue to evolve into a situation where several sovereign currencies coexist, compete with each other, and check and balance each other."

Pan Gongsheng stated that there is a global discussion on how to reduce excessive reliance on a single currency, adding that the global status of the Renminbi has risen in recent years. The erratic policies of U.S. President Trump since taking office have led to a weakening of confidence in the United States. Investors have been reducing their holdings of the dollar recently, prompting European Central Bank President Christine Lagarde to talk about a potential "global euro moment."

China has also consistently positioned the Renminbi as a competitor to the US dollar. This is an extension of President Xi Jinping's efforts to transform China into a financial powerhouse, with a currency that is stable enough to play an increasingly important role in global trade, especially during the period of heightened tensions in US-China relations during Trump's second term.

An official from the United States Union Bank stated that the tariff risks this year have intensified this effort, with some American exporters requesting to settle in other currencies such as the renminbi to mitigate the impact of dollar fluctuations.