Core Viewpoint - The global monetary system is at a critical juncture, transitioning from a "dollar-dominated" structure to a "multipolar coexistence" model, with the evolution of currencies like the Renminbi becoming a focal point for observing emerging market countries' pathways [1][3]. Group 1: Current Monetary Landscape - The current global monetary system is still centered around the US dollar, which faces historic challenges due to unilateral policies from the US, particularly under the Trump administration, impacting the dollar's credibility as a global trade and reserve currency [3][4]. - The dollar's share in global foreign exchange reserves has decreased to 60%, down from a peak of 73%, indicating a weakening position as emerging market central banks diversify their reserves, including increasing gold holdings [3][4]. Group 2: Future Currency Competitors - Potential competitors to the dollar include the Euro and the Renminbi, with the Euro needing to establish a fiscal union and enhance financial integration to strengthen its position [4][5]. - The Renminbi, while not fully convertible, has the potential to become a global reserve currency, supported by initiatives like the Belt and Road Initiative and the Asian Infrastructure Investment Bank, which expand its cross-border usage [4][5]. Group 3: Proposed Solutions for Monetary Reform - Industry experts suggest creating a "willing alliance" for a multilateral mechanism, leveraging regional institutions like the Asian Infrastructure Investment Bank to foster non-US-led cooperation [5][6]. - A gradual reform of the monetary system is proposed, including expanding the International Monetary Fund's Special Drawing Rights (SDR) basket to alleviate the pressure of dollar dominance and increase the Renminbi's weight [7][8]. Group 4: Digital Currency Innovations - The future of the global monetary system may hinge on technological innovations such as digital currencies and inclusive institutional frameworks, with discussions on how the US, Europe, and China are approaching digital currency development [8].