Currency Diversification Can Coexist With Dollar Dominance, Vice Finance Minister Says

The global dominance of the U.S. dollar and a multi-currency international monetary system aren’t mutually exclusive, as alternatives such as the euro, yuan and Japanese yen are expected to play a greater role in trade and financing to maintain the system’s stability, a vice finance minister of China said on Monday.

The diversification of currencies is part of efforts to form a fairer and more orderly international financial system, according to Liao Min, who spoke at the opening session of this year’s Tsinghua PBCSF Global Finance Forum in Hangzhou, Zhejiang province.