US Treasury Secretary Candidate Janet Yellen: The value of the dollar should be determined by the markets
Janet Yellen, nominated by US President-elect Joe Biden for the Treasury Secretary, said the value of the dollar and other currencies should be determined by the markets.
Yellen made her comments Tuesday before the US Senate Finance Committee at a hearing to ratify her candidacy.
She said the United States should oppose other countries' attempts to artificially manipulate currency values to gain advantages in trade.
It added that targeting exchange rates to achieve commercial advantages is "unacceptable."
She also said that China is clearly the most important strategic rival to the United States, and stressed the Biden administration's determination to address what it called China's "arbitrary, unfair and unlawful practices."