WASHINGTON – Janet Yellen is expected to affirm the U.S. commitment to market-determined exchange rates when she declares on Capitol Hill on Tuesday and will make it clear that the U.S. is not looking for a weaker dollar to gain competitive advantage, according to transition officials. They drink their auditory preparation.
The remarks would represent a return to the U.S.’s practical approach to the dollar, from which President Trump had often deviated by publicly asking for a lower dollar.
Ms. Yellen, the former chairman of the Federal Reserve, is due to appear before the Senate Finance Committee on Tuesday as she believes her appointment will be the next U.S. Treasury secretary, replacing Steven Mnuchin.
When asked about the new administration’s dollar policy, officials responsible for reporting Ms. Yellen said they are willing to say, “The value of the U.S. dollar and other currencies should be determined. Markets are adjusted to reflect changes in economic performance and, in general, facilitate adjustments in the world economy. ”
Ms. Yellen is also expected to say that the intentional orientation of exchange rates to gain an unfair advantage in trade is unacceptable.