Janet L. Yellen, President-elect Joseph R. Biden’s nominee to be Treasury secretary, says the US must make investments to enable it to compete with China.
Says regards China as the most important strategic competitor to the US.
Says China is 'guilty of horrendous human rights abuses'.
Says the US must make investments to enable it to compete with China.
The Biden administration is prepared to take on China’s “abusive” trade and economic practices, she said.
“China is undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations”
Meanwhile, markets were focussed on her views on the US dollar.
While not specifically endorsing the “strong dollar” policy established in the 1990s, she said the US “does not seek a weaker currency to gain a competitive advantage”.
On the 4-hour time frame, the DXY has made a significant correction to the point of the W-formation's neckline where the price would be expected to be supported.
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