Treasury nominee Yellen says markets should determine value of dollar

The value of the U.S. dollar and other currencies should be determined by markets, Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, told Senate lawmakers at her confirmation hearing on Tuesday.

Yellen said the United States should oppose attempts by other countries to artificially manipulate currency values to gain trade advantage, and said the targeting of exchange rates for commercial advantage was "unacceptable."

She said China was clearly the most important strategic competitor of the United States and underscored the determination of the Biden administration to crack down on what she called China's "abusive, unfair and illegal practices".