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Bernanke says Fed seeks to ensure strong dollar

(Xinhua)
Updated: 2009-11-17 03:14

New York: Federal Reserve Chairman Ben Bernanke said on Monday that the US central bank will pay attention on the depreciation of the US dollar and help ensure the dollar is strong.

"We are attentive to the implications of changes in the value of the dollar and will continue to formulate policy to guard against risks to our dual mandate to foster both maximum employment and price stability," said Bernanke in a speech delivered at the Economic Club of New York.

"Our commitment to our dual objectives, together with the underlying strengths of the US economy, will help ensure that the dollar is strong and a source of global financial stability," he stressed.

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In the speech, Bernanke also stated that the US economy will continue its recovery next year, but noting more challenges ahead.

"I expect moderate economic growth to continue next year," he said. "Final demand shows signs of strengthening, supported by the broad improvement in financial conditions."

"Additionally, the beneficial influence of the inventory cycle on production should continue for somewhat longer. Housing faces important problems, including continuing high foreclosure rates, but residential investment should become a small positive for growth next year rather than a significant drag, as has been the case for the past several years," said the US central bank chief.

In the business sector, manufacturing activity has been expanding and should be helped by the continuing strength of the recovery in the emerging market economies, especially in Asia, he said.

"As the recovery takes hold, enhanced business confidence, together with the low cost of capital for firms with access to public capital markets, should lead to a pickup in business spending on equipment and software, which has already shown signs of stabilizing," said Bernanke.

However, some important headwinds, in particular, constrained bank lending and a weak job market, "likely will prevent the expansion from being as robust as we would hope," he warned.