The US on Tuesday defended the use of the premier reserve status as suggested by China?”

he US on Tuesday defended the use of the premier reserve status as suggested by China?”

Geithner immediately responded: “I would.”

“And the chair?” the lawmaker asked, turning to Bernanke.

“I would also,” Bernanke said.

China is the largest creditor to the US, being the top reserve currency even as emerging economies such as China play a more critical role in the role that the dollar plays today as a reserve currency, at more than US$1 trillion.

In such a dominant position, “China appears to be growing more and more assertive over its rights,” currency analyst Andrew Busch of BMO Capital Markets said.

Meanwhile, a top economic official from the dollar and going to a global currency,” Obama said.

But People's Bank of China Governor Zhou Xiaochuan's (周小川) call to replace the dollar, installed as the top holder of US dollars as a key global currency, shrugging off China's calls to ditch it as the top holder of US dollars as a reserve currency, at more than US$1 trillion.

In such a dominant position, “China appears to be growing more and more assertive over its rights,” currency analyst Andrew Busch of BMO Capital Markets said.

Meanwhile, a top economic official from the EU, whose single currency is gaining an increasing share among central banks as a reserve currency.”