Yellen's testimony: The US believes in market-determined exchange rates, will tackle China

Treasury Secretary nominee Janet Yellen has said that the US believes in market-determined exchange rates. She has added that the US under president-elect Joe Biden will not seek a weaker dollar to gain a competitive advantage and they will both work to address countries who do so.

The former Fed Chair has also spoken about China, characterizing it as an important and strategic competitor. She has said that she will work with allies to confront Beijing and take on the country's abusive, unfair and illegal practices. 

Yellen is testifying before the Senate Finance Committee.