Lew Says U.S. to Ensure Dollar Remains Top Reserve Currency

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By Michelle Jamrisko for Bloomberg

 

Jacob “Jack” Lew, U.S. Treasury secretary, left, speaks with Jamie Lew Says U.S. to Ensure Dollar Remains Top Reserve CurrencyDimon, chief executive officer of …

Treasury Secretary Jacob J. Lew said the U.S. intends to ensure the dollar stays the world’s leading reserve currency a day after the International Monetary Fund elevated the Chinese yuan into a basket alongside the dollar, euro, yen and pound.

The dollar “remains the reserve currency of the world for a good reason,” Lew said in a Bloomberg Television interview Tuesday in Washington when asked if the U.S. would consider converting any of its foreign-exchange reserves to yuan. “We’re determined to run a U.S. economy that continues to be a strong, safe and secure economy that makes that the case in the future.”

While the U.S. supported the IMF decision, “we’ve also had long, ongoing discussions with China about their currency practices,” he said. “They’ve made commitments to us that they will not intervene in ways that are unfair. And those are important commitments, and they know we’re going to hold them to those commitments.”

http://finance.yahoo.com/news/lew-says-u-ensure-dollar-152206374.html

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  1. Keeping to “commitments” is of course a solely a one way commitment.

    That flag of yours is a symbol of oppression all (awoken) elsewhere.

  2. Somebody should ask Lew what the secret is to freezing debt. LOL

    I figure we’re at or near near $100 trillion now. Hell, for all I know we’ve probably already blown past that threshold as well. Absolute madness.

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