The Straits Times of Singapore wrote today (May 8): "A variety of global currencies will coexist in a more politicized and regionally differentiated landscape, with the U.S. dollar likely still dominant but no longer monopolistic. The future of petro-yuan hinges on whether China can transcend the crisis-driven experimental phase and lay down institutional foundations for a global currency."
Comments: The era of dollar hegemony cannot last forever, but what will actually sound the death knell for it? The current international monetary system is shifting from a unipolar dollar dominance toward a multipolar, politically charged landscape. Although the dollar maintains its leading position due to deep financial markets and network effects, it has lost absolute monopoly. The petro-yuan remains at an early stage driven by crises and bilateral pilot programs. To truly emerge as a global reserve currency, it must overcome institutional shortcomings such as capital controls, insufficient market depth, and lack of safe-haven instruments, establishing a transparent, stable, and liquid usage environment—thereby reducing holding costs and earning long-term trust—not merely serving as a temporary substitute in geopolitical maneuvering.
Original source: toutiao.com/article/1864570295488520/
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