- China wants to weaken the US dollar’s dominance.
- BRICS to launch new currency to beat US dollar.
White House economist Jared Bernstein disclosed in Congress that there is some evidence that “China wants the U.S. dollar to lose its position” as the world’s reserve currency. But Senator Bill Hagerty of the United States emphasized that the internal threat to the USD’s dominance is the greatest.
On Tuesday, Bernstein, a current member of the White House Council of Economic Advisers, responded to questions from Congress regarding the condition of the US dollar.
During the hearing, Senator Bill Hagerty (R-TN) noted actions taken by a bunch of nations that put the US dollar’s position as the world’s reserve currency in jeopardy. Including the president of Brazil, Luiz Inácio Lula da Silva, who called for an “end to the dollar’s trade dominance.”
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