US Yellen to Meet People's Bank of China Governor in Bali

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Janet Yellen, U.S. Secretary of the Treasury, announced on the 11th (local time) that she will hold a face-to-face meeting with Yi Gang, Governor of the People's Bank of China, the central bank of China, in Bali, Indonesia, where the Group of Twenty (G20) summit is being held.

In an interview with a foreign media outlet on the same day, Secretary Yellen confirmed the schedule for the face-to-face meeting and explained that both sides will discuss the global economy and the situation of China's real estate market.

This meeting is held ahead of the first face-to-face summit between U.S. President Joe Biden and Chinese President Xi Jinping scheduled for the 14th. It is expected to be a form of pre-coordination or post-discussion regarding economic agendas between the U.S. and China leaders. The exact date has not yet been confirmed.

Secretary Yellen said, "I look forward to meeting Governor Yi to talk about various issues, especially the global economic situation."

This meeting is particularly notable as it takes place amid globally high inflation, simultaneous interest rate hikes, and confirmed concerns about economic recession. Secretary Yellen has held three video conferences with Liu He, China's Vice Premier in charge of economic affairs, but this will be her first face-to-face meeting with a top Chinese official. Secretary Yellen indicated that she will also discuss the debt issues of low-income developing countries during this meeting and will reiterate the existing stance that China should take a more active role in debt restructuring for developing countries.

Additionally, she said, "I want to learn more about China's real estate sector," and added, "I will also try to update him on the U.S. situation."

Meanwhile, regarding the recent rise in the U.S. Consumer Price Index (CPI) for October, which came in at 7.7%, below market expectations and sparked discussions about a peak in inflation, Secretary Yellen expressed caution, saying, "I don't know if this is a turning point," and "I don't place great significance on a single indicator."

This content was produced with the assistance of AI translation services.