Treasury Secretary Janet Yellen said in an interview with CNBC on Thursday that U.S.-China relations are “getting closer.” I think our relationship with China has also deepened. ”
“In your speech, you mentioned the China risks and the importance of having, or at least building a positive relationship with China. But… During this administration, we've maintained the tariffs that former President Trump put in place, and we've actually added additional tariffs. Do you think that relationship has gotten even closer?”
Yellen responded: I think our relationship with China has also deepened. We talked constructively and found ways to address our differences. I don't want to say that there will be some miracle that China will quickly address all of our concerns, but we have had productive discussions about our differences and we hope that we will understand each other better and that both countries will We are cooperating in areas where we can cooperate. The world needs us to work together. Financial stability is one of these areas, and God forbid, for example, globally systemically important banks with operations in China, the United States, and Europe fail. We're going to need to be able to work together and collaborate. We are working closely with China's financial authorities, conducting tabletop exercises, and deepening our relationship to respond constructively and quickly to managing the financial crisis involving the banks and financial systems of both countries. ”
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