Treasury candidate Yellen says markets should determine the dollar’s value

WASHINGTON (Reuters) – The value of the US dollar and other currencies is expected to be determined by markets, Janet Yellen, appointed treasury secretary to US President-elect Joe Biden, told Senate lawmakers Tuesday.

Yellen said the US should oppose attempts by other countries to artificially manipulate currency values ​​to gain a commercial advantage and said that the target of exchange rates for a commercial advantage is “unacceptable.”

He said China is clearly the United States’ most important strategic competitor and stressed the Biden administration’s determination to crack down on what he called China’s “abusive, unjust and illegal practices”.

Reportage by David Lawder and Andrea Shalal; Editing by Chizu Nomiyama