Not much US can do on dollar value: World Bank chief
There is little the United States can do about the sinking value of the dollar except restore growth in its economy, World Bank President Robert Zoellick said in Singapore on Friday.
By Agencies |
SINGAPORE: There is little the United States can do about the sinking value of the dollar except restore growth in its economy, World Bank President Robert Zoellick said in Singapore on Friday.
"The value of the dollar in part is going to be dependent on confidence in dollar-held securities, so that depends on your view of the US recovery and the value of those assets," he told a business forum on the sidelines of an Asia-Pacific summit.
In any market, there are buyers and sellers as well as alternative assets, said Zoellick, a former US trade representative and deputy secretary of state.
"Given the role of the dollar, frankly, there's not a tremendous amount one can do other than try to run a good, sound policy and restore the US economy to growth," he said.
"The value of the dollar in part is going to be dependent on confidence in dollar-held securities, so that depends on your view of the US recovery and the value of those assets," he told a business forum on the sidelines of an Asia-Pacific summit.
In any market, there are buyers and sellers as well as alternative assets, said Zoellick, a former US trade representative and deputy secretary of state.
"Given the role of the dollar, frankly, there's not a tremendous amount one can do other than try to run a good, sound policy and restore the US economy to growth," he said.
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