Yellen Offers Caution as U.S. Pushes China to Keep Yuan Stable
msn.com - 02-19
(Bloomberg) -- Former Federal Reserve Chair Janet Yellen signaled it may be harder than U.S. trade negotiators think to prevent China from manipulating its currency. That’s because some of the tools central bankers use to stabilize their economies also end up weakening their exchange rates. As a result, it may be difficult for negotiators to define what is currency manipulation as opposed to benign monetary policy.