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US TREASURY SECRETARY YELLEN: FOREX INTERVENTION IS A TOOL THAT SHOULD NOT BE USED IN A ROUTINE WAY.
US TREASURY SECRETARY YELLEN: CURRENCY INTERVENTIONS SHOULD BE RARE AND COMMUNICATED WELL IN ADVANCE.
US TREASURY SECRETARY YELLEN: CHINA NEEDS TO UNDERSTAND THAT IT FACES A WALL OF OPPOSITION TO ITS INDUSTRIAL POLICIES & OVERINVESTMENT.
US Treasury Secretary Janet Yellen emphasized the need for a united response to China's industrial policies at the G7 meeting in Italy. China and the US exchanged criticisms over overcapacity issues, with the US advocating for protection against unfair trade practices. Yellen also highlighted the importance of rare and well-communicated currency interventions to address China's industrial policies and overinvestment.