Bessent says strong dollar based on credibility, policy certainty

Sept 15 (Reuters) - ‌U.S. Treasury ​Secretary ​Scott Bessent said on Tuesday that the U.S. dollar ‌continues to thrive as a reserve ⁠currency, with rising transaction volume globally ‌reflecting the "credibility of our ‌system and what this administration is doing."

"A strong dollar is not ​a price on a screen; it is a set of ⁠behaviors, and what we have seen in this ​administration, where we are creating regulatory certainty, tax certainty, trade certainty ​and energy certainty ‌that is bringing in trillions of dollars into the ⁠US," Bessent said at a congressional hearing. Russia and China have decreased ⁠their reserve holdings, he said, but other ​countries are active.

"We just had two of the most successful Treasury auctions in 20 ‌years, which speaks to the credibility of our system ‌and what this administration is ⁠doing and the ‌global confidence ​in us," Bessent said.

(Reporting by David Lawder, writing by Ann ‌Saphir)

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