China wants the dollar's dominance to end — and the US must act to defend it, according to the Biden administration's nominee for a top economist position.
"There are extremely important privileges, and even in the realm of security [there are] benefits to having the reserve currency," Bernstein added."One of the most obvious is of course sanctions — if you control the reserve currency, you are able to impose sanctions as we've done on Russia to considerable effect."
Bernstein told Tuesday's hearing that the best way lawmakers could respond to any moves by China would be to vote to raise the debt ceiling. That refers to the federal government's borrowing limit, which is set by Congress.
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