The current international monetary system has five main characteristics and four key problems. These characteristics include the dominance of the US dollar, flexible exchange rates, regional monetary cooperation, reserve currency diversification, and financial market integration. The problems include asymmetry of rights and obligations, excessive liquidity, exchange rate volatility, and oligarch monopoly. For emerging market economies like China, it is important to weaken the international monetary monopoly and work towards a more diverse international monetary system by collaborating with other emerging market economies.