WSJ: Treasury nominee Janet Yellen to say US does not seek weaker dollar | Malay Mail

Monday, 18 Jan 2021 07:31 AM MYT

WASHINGTON, Jan 18 — Janet Yellen, President-elect Joe Biden’s pick to take over the US Treasury, is expected to affirm the United States’ commitment to market-determined foreign exchange rates when she testifies on Capitol Hill tomorrow, theThe Treasury secretary nominee will make clear at a Senate confirmation hearing that the United States does not seek a weaker dollar, the, citing Biden transition officials familiar with her preparation for the session.

“The United States doesn’t seek a weaker currency to gain competitive advantage,” she is prepared to say, according to the WSJ. “We should oppose attempts by other countries to do so.” The policy outlined by Yellen would be a return to a traditional posture on the dollar that has been expected in the new administration. Outgoing Republican President Donald Trump railed against the dollar’s strength for years, saying it gave other countries a competitive advantage over the United States.

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