International monetary system in urgent need of an overhaul

Money | Liu Mingkang

Dollar should be replaced by use of several currencies in global trade and investment

The Bretton Woods system was born 70 years ago and died 44 years ago - too short a life. Nonetheless, in the post-Bretton Woods era, the world has enjoyed the benefits of floating exchange rates, but it has also experienced panics, such as the Mexican and Asian financial crises, the collapse of the dotcom bubble and the 2008 global financial crisis. We have seen technological developments nobody dreamed of, along with geopolitical power shifts and competition for world economic power.