United States Federal Reserve Chair Jerome Powell stressed Wednesday that the US dollar remains the world's reserve currency, adding that he suspects it would retain this status "for a long time to come."
Powell continued his semiannual monetary policy testimony before Congress for the second day, expressing confidence in the dollar as the "foundational aspect of the global financial system." Furthermore, he doubted that the currency's importance for the global economy would be undermined soon.
Additionally, the Fed chair emphasized the "enormous benefits" of having the dollar as the global reserve currency, describing its role in the world's financial architecture as a "durable equilibrium."
