Powell Says War May Speed China Moves to Insulate Against Dollar
- Fed chief says China has been working on currency matters
- Powell says Ukraine war may serve as accelerant to China moves
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Federal Reserve Chair Jerome Powell said the Ukraine war could have the effect of accelerating China’s moves to develop alternatives to the current dollar-dominated international payments infrastructure.
Powell was questioned Thursday in a Senate Banking Committee hearing on how China might view the U.S.-led efforts to isolate Russia’s economy, especially by damaging its ability to use the dollar.