Some U.S. trading partners need to pursue policies that rely more on markets to set the value of their currencies, said Sarah Bloom Raskin, the Obama administration’s nominee to be the No. 2 official at the Treasury Department.
“I will go out on a limb here and speak specifically of China,” the world’s second-largest economy, Raskin said during a Senate Finance Committee hearing to consider her nomination to be deputy Treasury secretary.
“It’s incredibly important that we get the relationship with China right and my understanding is that there are a number of multilateral and bilateral forums that Treasury has been working through in order to bring about certain changes in those relationships, one having to do with moving towards a more market-based set of exchange rates,” she said.
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