Debt-Ceiling Mess Could Dent Dollar’s ‘Absolutely Secure’ Status
- Renminbi has a long way to go to rival dollar, Yellen says
- Treasury’s Janet Yellen remarks in testimony to lawmakers
This article is for subscribers only.
A failure to raise the U.S. debt ceiling could hurt the status of the greenback, even though China’s renminbi is still a long way from seriously rivaling it as a global reserve currency.
That’s the view of U.S. Treasury Secretary Janet Yellen, who told lawmakers on Tuesday that a ceiling-related default would undermine the dollar’s status as an “absolutely secure” asset during turbulent economic times.