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At the annual meeting of the Global Central Bank in Jackson Hall, Carney said that the dominance of the dollar in the global financial system increased the risk of liquidity traps caused by ultra-low interest rates and weak economic growth.
"Despite the reordering of the global economy, the dollar remains as important as it was when the Bretton Woods Agreement collapsed," Carney said, referring to the end of the dollar's gold peg in the early 1970s.
The share of emerging economies in global economic activity has risen to 60 per cent from about 45 per cent a decade ago, before the financial crisis, Carney said.
But international trade settled in US dollars still accounts for at least half of the total, five times the proportion of US imports worldwide, so many countries are likely to be affected by the US economic turmoil.
Carney said problems in the financial system were encouraging protectionist and populist policies.
Earlier on Friday, U.S. President Trump said he would order U.S. companies to consider how to shut down their operations in China. This is the latest twist in the increasingly tense trade relations between the United States and China.
Carney warned that in the past, when equilibrium interest rates were at very low levels, they were often accompanied by wars, financial crises and dramatic changes in the banking system.
Carney believes that the RMB is most likely to become a reserve currency comparable to the US dollar, but there is still a long way to go before conditions are met.

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