On June 14, Gong Jiong, a China Forum expert and vice president for research at UIBE Israel, participated in two panels at The Future of Finance Summit 2023 in Bangkok.

In the discussion titled “Can the RMB become the reserve currency of the future?”, Professor Gong said that the RMB has long been an important reserve currency for some central banks, as countries take de-dollarization measures and kick off the era of a multipolar international monetary system. Nevertheless, de-dollarization is a lengthy process and the RMB is unlikely to replace the US dollar in the long run, but it will play a greater role in the future.

In the session titled “Global transaction banking outlook amid higher inflation, rising interest rates and geopolitical risks,” Gong Jiong noted that high inflation and interest rates are the inevitable products of Western sanctions against Russia, a major energy and food exporter. Their high interest rates have worked on curbing inflation, but that will mean meagre economic recovery until 2024. But Asian economies can be the powerhouse amid sluggish global growth. On geopolitics, Professor Gong explained China’s neutrality on the Ukraine crisis, which will not be affected by its normal trade with Russia.

The summit was hosted by The Asian Banker, a global research and consulting house on the financial services industry founded in 1996.