Yellen's testimony: The US believes in market-determined exchange rates, will tackle China

Yohay Elam FXStreet

Treasury Secretary nominee Janet Yellen has said that the US believes in market-determined exchange rates. She has added that the US under president-elect Joe Biden will not seek a weaker dollar to gain a competitive advantage and they will both work to address countries who do so.

The former Fed Chair has also spoken about China, characterizing it as an important and strategic competitor. She has said that she will work with allies to confront Beijing and take on the country's abusive, unfair and illegal practices.

Yellen is testifying before the Senate Finance Committee.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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