A tripolar monetary order is emerging, in which the dollar would be ‘first among equals’ and the renminbi, and the euro, would have their rightful place, commensurate with their importance in the global economy. Iran’s choice of payments is an indication of the emergence of China’s monetary power. Beijing has laid out plans for greater use of the renminbi in international exchanges and the creation of a multipolar monetary order. Eurozone leaders too have advocated in favour of monetary multipolarity and supported China’s monetary ambitions. There is need to extend this framework to the monetary realm and include Europe in the picture, to ward off currency wars and allow the orderly emergence of a China-U.S.-Europe tripolar monetary order.