BRICS: White House Says China Wants to Weaken Dollar

Jared Bernstein an economist at the White House said there is "some evidence" that China wants to weaken the US dollar

BRICS: White House Says China Wants to Weaken Dollar
BRICS: White House Says China Wants to Weaken Dollar

In a statement released today, Jared Bernstein, an economist at the White House, said there is “some evidence” that China wants to weaken the US dollar. Bernstein also noted that the goal is to make the dollar less critical as a foreign reserve currency.

Bernstein asked Congress to settle the debate about the US debt cap that has been going on for a while. It was so, protecting the dollar’s value in the face of BRICS countries’ efforts to make it worth less.

White House Addresses Dollar Weakening

The US dollar has been at the top of every news story for the past few weeks. In particular, the BRICS group of countries wants to eliminate the currency for internal trade. So, the White House of the United States says there is proof that China intends to hurt the US dollar. 

In particular, White House Economist Jared Bernstein talked about the ongoing dispute over the US dollar. Bernstein also spoke about the situation with the Senate Banking Committee. He is a member of the White House Council of Economic Advisers. Bernstein also told senators that an answer to the debt ceiling problem could help keep the greenback’s value.

Bernstein told senators, “One thing we could do to help the dollar keep its reserve currency status and protect its value would be to raise the debt ceiling.” 

The White House has paid much attention to ongoing talks about the debt limit. On the other hand, there needs to be more progress on a budget to raise the cap. The foreign trade market is looking for ways to limit the use of the US dollar at the same time. As a result, this makes it even less valuable.