US Greenback’s Dominance in International Financial system Not Beneath Menace, Summers Says

Former Treasury Secretary Lawrence Summers rejected hypothesis that the greenback is quickly dropping its dominance within the international financial system, and highlighted China’s detractions in offering an alternate reserve forex.

“There has by no means been a rustic the place there was sturdy a need to maneuver as a lot capital in a foreign country as we’re seeing in China proper now,” although capital controls are restraining the outflow, Summers mentioned on Bloomberg Tv’s “Wall Road Week” with David Westin. “Is that actually going to be a spot the place individuals are going to determine they need to maintain reserves on a large scale?” 

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