Monday, December 7, 2015

Bloomberg: US Treasury Secretay Jack Lew on US Dollar and Other Topics

Bloomberg does this interview with US Treasury Secretary Jack Lew at the Financial Inclusion forum in which he talks about the US dollar, China, and other topics. Below are a couple of quotes and bullet points from the interview.

"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.”

Bullet Points from the interview:

- Reasons why we need better financial inclusion ( a topic we have covered here)

-Government and private sector have to partner to assist financial inclusion

-Mentions mobile money using cell phones as one way to increase financial inclusion

-Says Dodd-Frank has "reduced the risk" of another financial crisis but may need adjustment to help small banks

-The US expects the dollar to remain the worlds top reserve currency

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