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MNI BRIEF: Yellen Says US Wants Market-Determined FX Rates

WASHINGTON (MNI)

U.S. Treasury Secretary nominee Janet Yellen told a Senate committee Tuesday she favors "market determined exchange rates" and is not seeking a leg up from a weaker dollar.

"The value of the U.S. dollar and other countries should be determined by markets," she said.

"The United States does not seek a weaker currency to gain competitive advantage and we should oppose attempts by other countries to do so. The intentional targeting of exchange rates to gain commercial advantage is unacceptable."

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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