US Federal Reserve Not Worried Russia, China May Join Efforts Against Dollar - Powell

US Federal Reserve Not Worried Russia, China May Join Efforts Against Dollar - Powell

WASHINGTON (UrduPoint News / Sputnik - 23rd June, 2021) The Federal Reserve is not worried about speculation that Russia and China may gang up to fight against the global acceptance of the US dollar, Chairman Jerome Powell said during a congressional testimony.

"That's not something that's really within our bailiwick or on our radar screen," Powell said when asked if he was worried about reports that Russia and China may form an alliance to dump the dollar. "The Dollar is the world's reserve currency, there really is no (other) Currency that's close to being able to compete.

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Talk about Russia and China joining efforts against the use of the dollar comes these two states as well as others like Brazil and Turkey try to pivot away from the dollar by using the Chinese Yuan as an alternative.

Powell, however, said the US dollar was superior to other currencies.

"That's because of our democratic institutions, and our record of maintaining low inflation," he said. "It's also because of our open capital markets and ... our great trades with the rest of the world. I don't see anything changing that."