Exchange intervention accepted only in rare “exceptional circumstances” = US Treasury Secretary
2024/7/26 2:16 AM GMT+9 (some excerpts)
US Treasury Secretary Yellen expressed the idea on the 25th that intervention in the foreign exchange market should only be carried out in exceptional situations and on rare occasions.
At a press conference held in Rio de Janeiro, Brazil, where the 20 countries/regions (G20) finance ministers and central bank governors meetings are being held, Mr. Yellen mentioned that he believes in exchange rates determined by the market, reflecting economic fundamentals (basic conditions of the economy).
“The seven major countries (G7) have pledged to maintain exchange rates determined by the market. Market intervention should only be carried out on rare occasions when it is determined that there is excessive fluctuation after discussions with partner countries,” he said.
At a press conference held in Rio de Janeiro, Brazil, where the 20 countries/regions (G20) finance ministers and central bank governors meetings are being held, Mr. Yellen mentioned that he believes in exchange rates determined by the market, reflecting economic fundamentals (basic conditions of the economy).
“The seven major countries (G7) have pledged to maintain exchange rates determined by the market. Market intervention should only be carried out on rare occasions when it is determined that there is excessive fluctuation after discussions with partner countries,” he said.
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