The Lujiazui Forum is an annual financial summit in Shanghai where global leaders discuss financial reform, cooperation, and policy.
The governor warned that because there is over-reliance at present on a single currency, the risk of a financial crisis becomes contagious, affecting and spilling over into multiple countries, despite having a local, concentrated origin. Pan’s comments come on the back on ongoing tensions between the Asian giant and the U.S., especially due to President Donald Trump’s insistence to upend the global financial system through his tariff policy. Most importantly, as NYT reports, Trump and his administration has been trying of late to weaken the dollar in order to boost the U.S.’ exports and make them more competitive. The dollar has already depreciated this year, which includes a 11% drop against the Euro.