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New chief of U.S. Exchange Stabilization Fund condemns currency manipulation
No one seems to have asked her what the Treasury Department's Exchange Stabilization Fund is for if not currency manipulation, nor why more than $600 billion was added to it a few weeks ago unless more currency manipulation was contemplated. Such is American politics, and such is financial journalism.
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Janet Yellen Vows to Take Hard Line Against Currency Manipulation
James Politi and Colby Smith
Financial Times, London
Tuesday, January 19, 2021
Janet Yellen warned U.S. trading partners against currency manipulation and touted the importance of market-based exchange rates in her most exhaustive comments yet on the incoming Biden administration's approach to international economic policy.
Ms. Yellen, who is Joe Biden's nominee to serve as Treasury secretary, said "the intentional targeting of exchange rates to gain commercial advantage is unacceptable" and that she would "oppose any and all attempts by foreign countries to artificially manipulate currency values to gain an unfair advantage in trade."
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Ms. Yellen, the former Federal Reserve chair, was speaking during a confirmation hearing before the Senate finance committee, where she is expected to receive broad backing to take the top cabinet job responsible for managing the U.S. economy under Mr. Biden. ...
... For the remainder of the report:
https://www.ft.com/content/284ec8e5-7ff6-4d2e-9d4a-c7378d4b4c0f
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