US will not allow countries to use currencies for export gains, says Treasury official

The US has accused China in the past of manipulating its currency. — Reuters pic

Follow us on Instagram and subscribe to our Telegram channel for the latest updates.

WASHINGTON, Oct 19 — A high-ranking US Treasury official today told Congress the United States will not allow China and other countries to manipulate their currencies for an export advantage.

Deputy Treasury Secretary Wally Adeyemo told a Senate Banking Committee hearing that President Joe Biden and Treasury Secretary Janet Yellen “have been very clear that we will not allow any country to unfairly use its currency to push for exports.”

He said the United States was committed to holding China accountable for “its unfair actions” that hurt American workers, both unilaterally in the United States and working multilaterally with allies. — Reuters