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(Bloomberg) -- People’s Bank of China Governor Pan Gongsheng laid out in the clearest terms yet his vision for the future of a new global currency order after decades of dollar dominance, predicting a more competitive system will take root in the years to come. Most Read from Bloomberg “In the future, the global monetary system could continue to evolve toward a situation where a few sovereign currencies co-exist, compete and check and balance each other,” Pan said Wednesday in a keynote speech at the annual Lujiazui Forum in Shanghai....

President Donald Trump’s mission to radically restructure the world economy is catnip to dollar doomsters, but raises few doubts for staunch believers in the currency’s primacy in global finance. All conversations about threats to the greenback’s role as the world’s reserve currency tend toward either imagining a collapse of American financial dominance, or stubborn shouts of TINA — There Is No Alternative. Far more likely is a slow grinding evolution into a world where different countries and currencies hold spheres of influence, a shift from the recent unipolar era. There...

Wall Street pundits and investors are schizophrenic about US assets. The dollar weakened after Moody’s cut the United States’ credit rating, citing the increasing fiscal deficit, as well as the rising interest costs on government debt.On the other hand, the S&P 500 not only recovered after US President Donald Trump’s April tariff shock, but is now less than 5 per cent off its record high in February. Nevertheless, 30-year US Treasury yields recently exceeded 5 per cent per annum, indicating investors’ nervousness about US deficits and debt sustainability.While Financial Times...