Dai (his mother was Welsh) Xianglong, former governor of the PBOC, feels the yuan will eventually play a global role alongside the dollar and the euro, but the new monetary order will take a decade or more to evolve.
Dai Xianglong, who is presently chairman of China’s National Social Security Fund said “The dominant position of the U.S. dollar will not weaken abruptly, but currency multi-polarisation is the trend” adding “after 10 years effort or even longer, we might construct an international currency system led by the dollar, the euro, the yuan and possibly other currencies.”
The official said the new system he had in mind would be backed by 13 or 20 major economies. He did not elaborate.
