White House: China wants to see dollar weaken as reserve currency

White House economist Jared Bernstein said there was “some evidence” that China wants to see the dollar weaken as the international reserve currency, and urged Congress to raise the US debt ceiling to protect the value of the dollar, Report informs referring to Reuters.

Bernstein, a member of the White House Council of Economic Advisers, told a Senate Banking Committee hearing on his nomination to head the body that US control of the world’s reserve currency offered benefits, including the ability to impose sanctions, as Washington had done on Russia over its war against Ukraine.

“One thing we could really do to help both the dollar maintain its reserve currency status, but also to protect the value of the dollar would be to raise the debt ceiling,” Bernstein told senators.