China in the International Monetary System
The China conference is part of our initiative for celebrating the 70 anniversary of the Bretton Woods conference and provides a forward looking agenda about the major changes that will affect the international monetary system. The world today stands in stark contrast with both the Bretton Woods era and the period that followed immediately. The first - and most obvious - difference is the number of countries that are active participants in the system and have a stake in its functioning. The monetary and financial world is becoming increasingly “multipolar”. While the current system comprises three currency blocks, at least one (the Chinese RMB) and maybe other additional systemic currencies will emerge in the future. This is one of the key issues that was debated in Hangzhou on May 17-18 2014. Chinese academics, policy makers but also global experts gathered to understand better a major game changer that will affect the global financial system and the future of the Bretton Woods institutions.