Economics: China to be pioneer in building new global financial system: scholars

This morning I was searching for results of the BRICS Finance and Economy meeting that is supposed to be going on right now, but information is not easily available.  I posted what I had.  https://sovereignista.com/2024/05/27/brics-international-financial-and-economic-forum-may-27-to-28/

Perhaps we still get something substantive.

Comments from the Chinese article:

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.

A system as old as Bretton Woods built after a world war is not the right proxy for the future forever and needs to be adapted… The world is undergoing geopolitical tensions, wars, demographic challenges and a climate crisis. We need to have one system going forward that includes everybody,” Andreas Dombret, a global senior advisor at Oliver Wyman and former board member of the Deutsche Bundesbank, told the Global Times on the sidelines of the forum.

The Federal Reserve’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 Americans changed the Bretton Woods System in favor of the American economy [during the 80 years of development]. But we cannot sustain a global financial system based only on the one national currency, which is unsustainable,” György Matolcsy, governor of the Central Bank of Hungary, told the Global Times in an exclusive interview on Monday.

Enjoy the article!