Yellen and China’s He to ‘intensify communication’ after pre-APEC conferences By ShahBlogger

By David Lawder and Ann Saphir

SAN FRANCISCO (ShahBlogger) -U.S. Treasury Secretary Janet Yellen and Chinese language Vice Premier He Lifeng agreed to “intensify communication” and work collectively on a spread of financial, monetary stability and regulatory points, Treasury stated on Friday.

The 2 “had candid, direct, and productive discussions on the U.S.-China bilateral financial relationship and a variety of points, together with areas of cooperation and areas of disagreement,” Treasury stated in a press release.

The 2 met Nov. 9-10 in San Francisco forward of the summit of Asia-Pacific Financial Cooperation (APEC) nation leaders.

Yellen plans to journey to China subsequent yr to proceed discussions, the assertion stated, including that either side emphasised they aren’t in search of to decouple their economies.

“Through the conferences, Secretary Yellen emphasised the significance that each international locations responsibly handle the bilateral financial relationship, together with sustaining resilient communication channels,” Treasury stated.

Yellen and He exchanged their views on home and international macroeconomic and monetary developments, it stated, noting that Yellen acknowledged “vital headwinds and dangers to the worldwide financial system.”

She emphasised the necessity for Russia to finish its struggle in opposition to Ukraine, stressing that Chinese language firms “should not present materials help for Russia’s protection industrial sector.”

Additionally they mentioned the Israel-Hamas struggle, and Yellen spoke in regards to the want “to forestall escalation and enlargement of the battle within the Center East,” Treasury stated.

The 2 leaders agreed to work towards widespread options, handle disagreements the place potential and keep away from misperceptions that might spark “unintended escalations,” Treasury stated.

Each pledged to work on points reminiscent of local weather change and debt points, together with by means of a significant quota improve on the Worldwide Financial Fund and accelerated work to evolve the multilateral growth banks, it added.