Shanghai Gold Exchange President — World Needs New Kind of Currency as Alternative to Dollar

The president of the Shanghai Gold Exchange (SGE) believes that a new hard currency independent of any state is needed to develop international trade when the world enters the post-pandemic period....

According to Wang Zhenying, quoted by Reuters, the dollar, as a weapon of US pressure and a source of vulnerability for other countries, can no longer be the standard global currency. He admits that gold is also not an ideal means of exchange, as its quantity is limited and it cannot meet the needs of growing international trade. Therefore, a supranational currency for settlements independent of any country is needed.

This idea is not something new and was already promoted by China during the last financial crisis of 2008-2009. Then Chinese central bank chief Zhou Xiaochuan proposed to reform the system of international settlements through special drawing rights (SDR)....

Sputnik International
Shanghai Gold Exchange: World Needs New Kind of Currency as Alternative to Dollar