By David Lawder
NEW DELHI (Reuters) – U.S. Treasury Secretary Janet Yellen told Reuters on Friday that she plans to meet with China's central bank governor Yi Gang on the sidelines of the G20 Summit in Bali to discuss global economic conditions and China's property market situation.
Yellen spoke about the plans for her first in-person bilateral meeting with a senior Chinese economic official in her role as Treasury secretary in an interview with Reuters in New Delhi. The expected meeting will coincide with President Joe Biden's planned Monday meeting with Chinese President Xi Jinping, but the exact timing for Yellen's meeting has not yet been set.
"I expect to meet with the central bank governor Yi Gang and I expect to talk with him about a range of issues, but particularly the global economic situation," Yellen said. "I'm going to be interested in learning more about the property sector in China and I’m going to try to update him on what's happening in the United States."
Yellen also said she would talk with Yi about low-income countries that are facing debt difficulties. The U.S. Treasury chief has been pressing China to do more to restructure bilateral debt that a range of developing countries owe to China, including through the G20's common restructuring framework.
China's cash-strapped property sector has suffered a wave of defaults on offshore debt obligations this year and a number of firms are struggling to tap sources of funding to finish projects and pay suppliers, prompting Chinese regulators to expand financing support for the sector.
More recently, investors have been fretting about the crisis deepening as developers widely believed to have had government backing also missed payments, such as CIFI and Greenland Holdings Corp Ltd.
Since becoming Treasury secretary last year, Yellen has held three video calls with China's departing economic and trade czar, Vice Premier Liu He, who is expected to be replaced by He Lifeng in March. Yellen's meeting with central bank chief Yi would be her first in-person meeting with a senior Chinese official.
The meeting comes as relations between the world's two largest economies have hit a new low amid China's anger over House of Representatives Speaker Nancy Pelosi's visit to Taiwan in August and growing U.S. technology export restrictions.
Biden hopes to limit deterioration of ties with China when he meets with its leader Xi, but will be honest about U.S. concerns including over Taiwan and human rights, a senior administration official said on Thursday.
(Reporting by David Lawder; Editing by Tomasz Janowski and Andrea Ricci)
Supply chains, Russia's war in Ukraine and the impact of COVID-19 were top issues for U.S. Treasury Secretary Janet Yellen as she met with Indian government and business leaders Friday in New Delhi. Both Yellen and Indian Finance Minister Nirmala Sitharaman called for the strengthening of supply chains with trusted trading partners in the Indo-Pacific region to diversify away from countries that present geopolitical and security risks. Yellen said Russia has weaponized its natural gas supplies against the people of Europe and China currently dominates over 80% of global solar panel production.
The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, U.S. Treasury Secretary Janet Yellen said on Friday. The cap would still drive global oil prices lower while curbing Russia's revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening U.S.-Indian economic ties.
Maricopa County Elections officials provided an update on the ongoing ballot count as major races remain undetermined.
The sharpest opinions on the debate from around the web
Election results and news on hundreds of campaigns, including every House, Senate, governor, and state legislative race in the US.
The 82-foot-tall Norway Spruce chosen to be this year's Rockefeller Center Christmas tree was cut down in Queensbury Thursday and should get to NYC on Saturday.
NotedDC is a newsletter from The Hill looking at the politics, policy and people behind the stories in Washington. Sign up in the box below or online here. Republicans entered Tuesday hoping to clinch both chambers. Two days later, control of the Senate remains unclear and it appears the GOP is headed for a slimmer-than-expected…
The 82-foot tall Norway Spruce is 50 feet wide and weighs 14 tons
Why are we so reluctant to quit? How do we become better at it, and is there ever a right time to throw in the towel?
Control of the U.S. Senate still had not been determined as of Friday evening, three days after the Nov. 8 midterm elections. Heading into the election, Republicans needed to pick up only one seat to take the majority in the 100-seat chamber, which would allow them to block much of Democratic President Joe Biden's agenda. The chamber is currently split 50-50 between Republicans and Democrats, who maintain control thanks to Vice President Kamala Harris' tie-breaking vote.
West Elm is known for its premium quality home goods, and its faux fur throw blankets are no exception. Choose from standard and oversized.
An iconic sign of Christmas arrived in New York City on Saturday as a crane hoisted an 82-foot (25-meter) Norway spruce into place at Rockefeller Plaza, where the 14-ton tree will be festooned with thousands of lights and topped with a star encrusted with millions of crystals. The Christmas tree will be officially lit on Nov. 30. The approximately 90-year-old tree was cut Thursday then lifted onto a flatbed truck for its 200-mile (322-kilometer) trip from Queensbury, New York, to New York City.
SHARM EL-SHEIKH, Egypt (Reuters) – Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. The visit, which two sources said was expected to take place in December, comes at a time when relations between Saudi Arabia and the United States have been strained by a spat over oil supplies, and amid U.S. concerns over growing cooperation between Gulf Arab states and China. "China is Saudi Arabia's largest trading partner, we have huge investments in China and the Chinese have huge investments in Saudi Arabia," he told Reuters on the sidelines of the COP27 climate summit in Egypt.
Renowned graffiti artist Banksy unveiled a work in the Ukrainian town of Borodyanka, which had been occupied by Russia until April and heavily damaged by fighting in the early days of Moscow's invasion of its neighbour. Banksy posted a photo of the mural – a girl gymnast performing a handstand on a small pile of concrete rubble – on Instagram late on Friday. At least one other piece of new graffiti in Banksy's signature style, although not posted by the mercurial artist on social media, was spotted in Borodyanka, portraying a man being flipped in judo by a much smaller child.
Snag Beats earbuds at a $50 discount, an artificial Christmas tree for nearly 60% off and more.
Penny Knatchbull's close friendship with Prince Philip is depicted in season 5 of "The Crown" on Netflix. Here, we break down the timeline of their friendship.
In many international cities, bicycles and e-bikes dominate transportation. It makes sense for the U.S. too, experts say, but car culture dominates.
U.S. Rep. Pat Ryan has won a full term representing part of New York’s Hudson Valley in Congress, becoming one of just a few Democrats in the suburbs around New York City to hold off Republican opponents in the midterm election. Ryan defeated Republican Colin Schmitt, a second-term state Assemblyman who conceded the race early Wednesday. The Associated Press declared Ryan the winner Friday after it became clear there weren't enough uncounted votes remaining for Schmitt to overcome the Democrat's slim lead.
Listen to how Savannah's Hindu community at BAPS Shri Swaminarayan Mandir celebrated Diwali, the biggest festival in Hindu and Indian culture.
Ramesh Hanumaiya digs a few inches into his field with his hand and examines the soil. “This soil used to be as hard as a brick,” said 37-year-old Ramesh. Like Ramesh thousands of other farmers in Anantapur, a district in the southern Indian state of Andhra Pradesh, have taken to what's known as regenerative agricultural practices.