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

• 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 greenback's supremacy will fade — and hinted that's because its reserve currency status helped the US to sanction Russia after it invaded Ukraine last year.