Yellen Says Administration Will Fight Currency Manipulation

Janet Yellen, chair of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., U.S., on Wednesday, Dec. 13, 2017. Federal Reserve officials followed through on an expected interest-rate increase and raised their forecast for economic growth in 2018, even as they stuck with a projection for three hikes in the coming year.

(Bloomberg) -- Treasury Secretary-designate Janet Yellen told lawmakers that she will work with President Joe Biden to get countries to refrain from currency manipulation.

“The president has committed to opposing efforts by countries to artificially manipulate their currencies to gain an unfair trade advantage. I am supportive of that commitment and, if confirmed, will work in coordination with the administration to oppose any such efforts,” Yellen said in written responses to a wide range of follow-up questions from senators following her confirmation hearing Tuesday. The document was obtained by Bloomberg News.