TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
US Treasury's Yellen to meet with China central bank chief at G20 summit in Bali
Change Size
A police officer patrols ahead of a G20 ministers’ meeting in Nusa Dua on July 7, 2022.
(AFP/Dita Alangkara)
US 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 US 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.
