White House Bernstein says China wants the USD to weaken as international reserve currency
Jared Bernstein is a member of the White House Council of Economic Advisers. He was speaking before a US Senate Banking Committee hearing:
- said there was "some evidence" that China wants the dollar to weaken as the international reserve currency
- urged Congress to raise the U.S. debt ceiling to protect the dollar
- said there is a "very solid benefit" of having the world's reserve currency, but also the costs, including the ability of China and other countries to manage their currencies to have a trade advantage
- said his view is its important to have the dollar as the dominant reserve currency
- raising the debt ceiling would help maintain the dollar's reserve currency status and protect its value. "Having that kind of kind of default out there as a political tool is antithetical to what you and I are talking about right now."
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Analytic Dave
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