US Treasury Secretary Yellen: IMF, World Bank reflect American values, counterweigh to China
|“In the face of what’s likely to be Republican skepticism when she testifies on Capitol Hill, Yellen will laud institutions like the International Monetary Fund (IMF) and the World Bank (WB) that ‘reflect American values,’” said Bloomberg early Tuesday in Asia as it released transcript of US Treasury Secretary Janet Yellen’s scheduled Testimony in front of the House Financial Services Committee, up for publishing later in the US Session.
The news also adds that the Treasury chief’s remarks showcase the battle lines between the world’s two largest economies as they vie for influence in the developing world.
More comments
Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries.
The IFIs (International Financial Institutes) provide real resources to tackle the challenges the world faces — from weathering economic storms to spurring long-term economic development.
Serves as an important counterweight to nontransparent, unsustainable lending from others, like China.
FX implications
The news challenges the market sentiment and allows the US Dollar to lick its wounds, while challenging the Gold Price, ahead of the US inflation data. That said, the US Dollar Index (DXY) struggles to defend the week-start rebound near 103.65 while the Gold Price stays depressed near $1,960 at the latest.
Also read: Gold Price Forecast: XAU/USD stays defensive near $1,965 hurdle ahead of US inflation
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.