China central bank chief warns against unilateralism in currency policy

SHANGHAI, June 18 (AFP): China's central bank boss on Wednesday warned that the global monetary system could be "weaponised" and politicised by dominant countries, as the country navigates an uneasy trade truce with the United States.

The superpowers said this month they had made progress on points of contention including Beijing's exports of rare earths and visas for Chinese students in the United States, following marathon talks in London. But People's Bank of China chief Pan Gongsheng on Wednesday hit out indirectly at US dominance of international finance infrastructure.

"When the country with the dominant currency's self-interest contradicts with the global public good, that country will consider its self-interest more," Pan told a forum in Shanghai. The dollar is traditionally considered a safe haven in times of crisis or conflict, but the uncertainty created by US President Donald Trump's sweeping tariffs on virtually all trading partners-most of which were subsequently paused temporarily-have upended global norms.