China wants the dollar’s dominance to fade – and the US should defend its reserve currency status, Biden nominee says

The US should defend the dollar’s reserve status by raising the debt ceiling, according to Biden nominee Jared Bernstein. ByoungJoo/Getty Images China wants the US dollar to become less dominant among currencies, Jared Bernstein says. Lawmakers should raise the debt ceiling to defend the greenback’s reserve currency status, he says. The Biden administration has nominated Bernstein to chair the Council of Economic Advisors. 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. Jared Bernstein said Tuesday that Beijing is likely hoping the…