US Treasury Secretary nominee, former Fed chair, Janet Yellen was quoted on Sunday affirming the stance of not seeking a weaker exchange rate.
According to a WSJ report, Yellen will say in a Senate confirmation hearing, “the value of the U.S. dollar and other currencies should be determined by markets. Markets adjust to reflect variations in economic performance and generally facilitate adjustments in the global economy.”
“The United States doesn’t seek a weaker currency to gain competitive advantage,” she would add. “We should oppose attempts by other countries to do so.”
