Former Treasury Secretary Lawrence Summers rejected speculation that the dollar is rapidly losing its dominance in the global economy, and highlighted China’s detractions in providing an alternative reserve currency.
“There has never been a country where there was strong a desire to move as much capital out of the country as we’re seeing in China right now,” though capital controls are restraining the outflow, Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “Is that really going to be a place where people are going to decide they want to hold reserves on a massive scale?”
