February 27, 2023: On Thursday, U.S. Treasury Secretary Janet Yellen said that the United States would start financial discussions with China “at a proper time” as Beijing continues selling its vast stock of Treasurys and as Washington warns against possible sanctions violations about Russia.
“I don’t have a particular timeframe in mind for doing that,” Yellen told at a news conference ahead of a G-20 financial leaders who meet in Bengaluru, India.
“But I believe it’s important to do, and I’m certainly open to have those discussion,” she added.
Yellen stated that “many areas” exist where the U.S. and China must work together to address international challenges, including food security, debt and climate change.
Yellen said that communication between the two countries is more vital for the macroeconomic and financial situations domestically and within the global economy.
The Treasury Secretary meeting with the Vice Premier of the Republic of China, Liu He, on January 18 to discuss economic policy, a meeting Yellen defined as “constructive.”
U.S. President Biden and Chinese President Xi Jinping are being called for more cooperation when they met virtually in November.
Yellen’s comments come from an expected meeting between President Xi and Russian President Vladimir Putin as Russia looks to strengthen its ties with China.
According to Refinitiv data, China’s hoard of U.S. administration bonds stood at $862.3 billion, the lowest level since May 2010. Throughout 2022, Beijing’s holdings reportedly shrank by $173.85 billion.
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