Treasury Secretary-General Janet Yellen is expected to reaffirm her US commitment to market-determined foreign exchange rates, the Wall Street Journal (WSJ) reported.
Janet Yellen will also explain that the US is not looking for a weaker dollar for competitive trade advantage, the media reported further, citing a statement by Biden transition officials involved in preparations for job confirmation.
The former Federal Reserve (Fed) chairman is scheduled to testify before the Senate Finance Committee at Capitol Hill on Tuesday.
He is expected to be easily confirmed as U.S. Treasury Secretary by the Senate tomorrow, the day before President Joe Biden officially takes over the White House on Wednesday.
When asked about the dollar exchange policy, Yellen is willing to say, “The value of the US dollar and other currencies should be determined by the market. The market adapts to reflect variations in economic performance and generally facilitates adjustments in the global economy ”.
In addition, Yellen will tell us that "America is also not looking for a weaker dollar to gain a competitive advantage and we should oppose other countries' attempts to do so," the WSJ reported.
