WASHINGTON : There was 'some evidence' that China wants the dollar to weaken as the international reserve currency, said a White House nominee for a top economist position on Tuesday, and he urged Congress to raise the U.S. debt ceiling to protect the dollar's value.Jared Bernstein, a member of the White
WASHINGTON : There was"some evidence" that China wants the dollar to weaken as the international reserve currency, said a White House nominee for a top economist position on Tuesday, and he urged Congress to raise the U.S. debt ceiling to protect the dollar's value.
Bernstein, who wrote the piece while serving as a senior fellow at the Center on Budget and Policy Priorities, said the essay was intended to show both the"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.
He said 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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