China’s central bank Governor Yi Gang met with US Treasury Secretary Janet Yellen on Wednesday for ‘frank’ and wide-ranging talks on the sidelines of the G20 summit in Bali.
This was Yellen’s first in-person conversation with a top Chinese economic official amid lingering tensions between Washington and Beijing. The meeting follows US President Joe Biden’s three-hour meeting on Monday with Chinese leader Xi Jinping.
The two officials covered issues such as high energy and commodity prices, as well as the macroeconomic outlook in both countries, the US Treasury department said.
The meeting, which lasted two hours, “had a frank, constructive, and positive tone”, said a US Treasury official. “In the context of global challenges, Secretary Yellen and Governor Yi also discussed G20 issues,” the official said.
In the meeting with Yi Gang, Yellen and Treasury officials had said they would seek more clarity on China’s plans to ease its Covid-19 lockdown that have curtailed its growth and restricted its supply chains and how Beijing will deal with problems in its massive property sector.
Yellen also said on Monday that she hoped the meeting would lead to increased economic engagement between the two superpowers.
- Reuters, with additional editing by Vishakha Saxena