Yellen to meet with Chinese finance minister in Switzerland

WASHINGTON (AP) — Treasury Secretary Janet Yellen will meet together with her Chinese language counterpart, Vice Premier Liu He, in Switzerland on Wednesday to debate financial developments between the 2 nations.

The Zurich talks will likely be a follow-up to the November assembly between President Joe Biden and China’s Xi Jinping on the sidelines of the Group of 20 summit in Bali, Indonesia. The 2 world leaders agreed to empower key senior officers to take care of communication.

Strains between the world’s two main economies have been rising regardless of their commerce ties. The Biden administration has blocked the sale of superior laptop chips to China and is contemplating a ban on funding in some Chinese language tech corporations, probably undermining a key financial aim that Xi set for his nation. Statements by the Democratic president that the U.S. will defend Taiwan in opposition to a Chinese language invasion have elevated tensions.

The assembly comes forward of Yellen’s journey to Senegal, Zambia and South Africa this week in what would be the first in a string of visits by Biden administration officers to sub-Saharan Africa throughout the yr.

Africa is essential to the worldwide economic system as a consequence of its quickly rising inhabitants and important pure sources. China’s deepening financial entrenchment in African nations, surpassing the U.S. in commerce with the continent to turn out to be one of many world’s largest collectors, can be a motivator for the U.S. to deepen ties with African nations.

Yellen has spoken at size publicly about China’s financing practices on the continent, calling them “financial practices which have deprived all of us.”

She has additionally known as on China explicitly to finish its relationship with Russia because the Kremlin continues its invasion of Ukraine. The U.S. and its European and Asian allies have imposed sanctions and an oil value cap on Russia in retaliation for the warfare, placing China in a troublesome spot because it had promised a “no limits” friendship with Russia earlier than the invasion started.

It will likely be Yellen’s first in-person assembly with Liu since taking workplace and follows three digital conferences between them.

___

Related Press author Josh Boak contributed to this report.