Page 4 - Janet Yellen

US Treasury Secretary Janet Yellen visits China to sooth strained relations

Treasury Secretary Janet Yellen arrived in Beijing on Thursday for meetings with Chinese leaders as part of efforts to revive relations that are strained by disputes about security, technology and other irritants. Yellen planned to focus on stabilizing the global economy and challenging Chinese support of Russia during its invasion of Ukraine, Treasury officials in Washington told reporters ahead of the trip. The secretary was due to meet with Chinese officials, American businesspeople and members of the public, according to Treasury officials. They gave no details, but said Yellen wouldn't meet Chinese leader Xi Jinping. Yellen follows Secretary of State Antony Blinken, who met Xi last month in the highest-level US visit to Beijing in five years. The two agreed to stabilise relations but failed to agree on improving communications between their militaries. Yellen earlier warned against economic decoupling, or disconnecting US and Chinese industry and markets. Businesspeople have .

Yellen's China visit seeks to usher in more discussions amid tensions

It will be the first major test of a policy she outlined in April that's geared toward defending and securing US national security without trying to hold China back economically

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Treasury Secy Janet Yellen is making a long-awaited trip to China this week

Treasury Secretary Janet Yellen will travel to Beijing Thursday as part of an ongoing Biden administration effort to thaw U.S.-China relations, a senior Treasury official said Sunday. Yellen, who has called the notion of an economic decoupling from China disastrous, has frequently said in the past year that she would like to visit China. She says the two nations "can and need to find a way to live together in spite of their strained relations over geopolitics and economic development. Yellen will meet this week with Chinese officials, U.S. companies doing business in China and with Chinese people and will stay through July 9, said the official, who spoke on condition of anonymity to discuss details of the trip. The goal of her visit is to deepen and increase the frequency of communication between U.S. and China, the official said. While there are clear areas of common interest where Yellen can make progress, the official said, there are also significant disagreements that will not b

Yellen says critical to maintain China ties after Biden's dictator remarks

US Treasury Secretary Janet Yellen said on Thursday that it's critical the US and China maintain a relationship so they can work together on global challenges, coming just after President Joe Biden's remarks calling Chinese leader Xi Jinping a dictator drew condemnation from Beijing. Speaking at a news conference in Paris, Yellen said that with respect to the comments, I think President Biden and I both believe it's critical to maintain communication ... to clear up misperceptions, miscalculations. We need to work together where possible." But we have disagreements, and we are also forthright in recognising we do have disagreements, she added. Yellen has recently advocated for improving relations between the US and China, arguing cooperation is needed for the sake of maintaining global stability. Biden's remarks at a fundraiser Tuesday, when he also said China had real economic difficulties, opened a new rift just after US Secretary of State Antony Blinken concluded a visit to ...

US actively working to help India attract private capital: Yellen

The US is actively working to help India attract more private sector capital to close its infrastructure gap, Treasury Secretary Janet Yellen said and asserted that India-US innovations can help push down the cost curves of new technologies and accelerate the world's transition to a net-zero economy. Yellen's comments come ahead of Prime Minister Narendra Modi's official State Visit to the US next week. Describing India as one of the US's reliable trading partners, Yellen on Tuesday said the two countries are working to connect new communities to the global market so that they can move up the value chain. "Looking forward, I believe that we have significant potential to grow trade and investment between our nations. Both of our countries are advancing what I call 'modern supply-side' policies -- investing in human capital, physical capital, and science and technology to boost our long-term economic potential," Yellen said at the annual India Ideas Summit of the US-India Business ...

US Debt ceiling deadline extended to June 5, later than estimated: Yellen

US Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated. Yet, Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would cause severe hardship. Yellen's latest letter to legislators on the X-date came as Congress broke for the long Memorial Day weekend. She said that the Treasury Department had deployed an extraordinary measure not used since 2015 to get the US financial position to this point. The X-date arrives when the government no longer has enough of a financial cushion to pay all its bills, having exhausted the measures it's been using since January to stretch existing funds. Earlier Friday, House Speaker Kevin McCarthy said his Republican debt negotiators and the White House had hit crunch time, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of the fast-coming .

Different system needed to end standoffs over US debt ceiling: Yellen

After dozens of standoffs with Congress over government spending in recent decades, Treasury Secretary Janet Yellen said Thursday that in her personal opinion, the United States should adopt a different system for national finances. Emphasising that it was her own opinion, not President Joe Biden's, Yellen said there are various alternatives for avoiding situations where the Treasury lacks the funds to pay its bills. In January, the US government ran up against its legal borrowing limit of USD 31.381 trillion, and the Treasury Department began implementing extraordinary measures to avoid missing payments on its bills. It's a predicament that has occurred nearly 80 times since 1960, she said. The Treasury Department has warned the US could default as soon as June 1 if there is no deal. Personally, I think we should find a different system for deciding on fiscal policy, Yellen said when asked about the issue. Congress could repeal the debt ceiling or handle it differently. The presid

'No good option' except lifting debt limit: Treasury Secretary Janet Yellen

Treasury Secretary Janet Yellen said Sunday that there are no good options for the United States to avoid an economic calamity if Congress fails to raise the nation's borrowing limit of USD 31.381 trillion in the coming weeks. She did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default. Her comments added even more urgency to a high-stakes meeting Tuesday between Biden and congressional leaders from both parties. Democrats and Republicans are at loggerheads over whether the debt limit should even be the subject of negotiation. GOP lawmakers, led by House Speaker Kevin McCarthy of California, are demanding spending cuts in return for raising the borrowing limit, while Biden has said the threat of default shouldn't be used as leverage in budget talks. Yellen, interviewed on ABC's This Week," painted a dire picture of what might happen if the borrowing limit is not increased before the Treasury Department runs out of

Debt deadline: Yellen's alarm sets White House meeting, but no solution yet

Facing the risk of a an unprecedented U.S. government default by month's end, President Joe Biden has invited the top four congressional leaders to face-to-face talks at the White House next week. It's the first concrete step toward negotiations on averting a potential economic catastrophe, but there's a long way to go: Biden and Republicans can't even agree on what's up for negotiation. WHAT'S THE PROBLEM? If the government's legal borrowing limit of $31.4 trillion is not raised or suspended in the next few weeks, the result could be financial havoc. If the government can't borrow money to keep paying its bills for an extended period, there could be millions of job losses, businesses left bankrupt, crashes piling up across financial markets and lasting economic pain. The damage would be financial, but the cause would be political, a breakdown between Republicans and Democrats, rather than a problem with the underlying health of the U.S. economy. The scheduling of next Tuesday's Wh

Janet Yellen projects that US could hit debt ceiling as soon as June 1

Treasury Secretary Janet Yellen has notified Congress that the US is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then. In a letter to House and Senate leaders, Yellen urged Congress to protect the full faith and credit of the United States by acting as soon as possible to address the USD 31.4 trillion limit on its legal borrowing authority. We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she said in the letter. The Treasury said on Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the debt limit. The US plans to borrow USD 726 billion during the quarter. That's USD 449 billion more tha

Chinese police questions staff at Beijing office of Bain & Company: Report

This follows a similar raid at another US firm Mintz's Beijing office last month

Janet Yellen calls for better US-China relations as tensions rise

Treasury Secretary Janet Yellen will strike a conciliatory tone when she talks about US-China relations on Thursday, calling for cooperation on the urgent global challenges of our day while supporting economic restrictions on China to advance U.S national security interests. We seek a healthy economic relationship with China: one that fosters growth and innovation in both countries, Yellen says in prepared remarks to be delivered at Johns Hopkins University's School of Advanced International Studies in Washington. Yellen plans to deliver a speech that calls for improved relations between the two countries, which have seen increasingly strained relations after the discovery of a Chinese surveillance balloon in U.S. air space and since the Communist nation has grown its ties with Russia despite its continued invasion into Ukraine. A growing China that plays by international rules is good for the United States and the world," Yellen says. Both countries can benefit from healthy ...

Sitharaman, Yellen discuss strengthening India-US economic partnership

Finance Minister Nirmala Sitharaman on Tuesday met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 in Washington.The two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums."Union Finance Minister Smt. @nsitharaman met with the United States Treasury Secretary Ms.@SecYellen on the sidelines of the @WorldBank and IMF #SpringMeetings 2023, in Washington D.C., today," tweeted the Ministry of Finance.Taking the discussions ahead from their last meeting in November 22 during the Economic Financial Dialogue (EFD), in India, the two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums."Wide-ranging conversation between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen on deepening bilateral economic partnership and engagement in ...

FM Sitharaman meets Yellen; discusses strengthening India-US economic ties

Finance Minister Nirmala Sitharaman Tuesday met with US Treasury Secretary Janet Yellen here and the two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums. Sitharaman, who is leading a high-powered delegation, met Yellen on the sidelines of the World Bank and IMF Spring Meetings 2023 here. "Taking the discussions ahead from their last meeting during the Economic Financial Dialogue #EFD, in India, in Nov. '22, the two leaders discussed strengthening the India-US economic & financial partnership and increasing engagements at bilateral and multilateral forums," the finance ministry said in a series of tweets. Sitharaman appreciated the multi-faceted India-US partnership and called for further cooperation in addressing global economic challenges, including climate change. She also highlighted the role of G20, QUAD and IPEF in fostering this partnership. She "also emphasised the importance of .

Yellen rejects World Bank capital increase; no challengers to US nominee

"We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time," she added

US not considering 'blanket' bank deposit insurance: Treasury Secy Yellen

Yellen has earlier said that the US is prepared to take further actions to protect depositors if smaller lenders are threatened

Bank situation 'stabilising', system is 'sound': US Treasury Secretary

Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is sound but additional rescue arrangements could be warranted if any new failures at smaller institutions pose a risk to financial stability. Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall the situation is stabilising." "And the U.S. banking system remains sound, Yellen says. Yellen's remarks come after a series of troubling bank developments this month. Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank's health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed. They said that all depositors at both banks, including those holding uninsured funds, those exceeding USD 250,000, would be

Yellen says US banking system remains sound after 'decisive' actions

A week after the second-largest bank collapse in US history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation's banking system remains sound and Americans "can feel confident about their deposits. Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks, a move that some Republicans have criticized as a bank bailout. The government took decisive and forceful actions to strengthen public confidence in the U.S. banking system, Yellen said in testimony before the committee. I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them." In less than a week, Silicon Valley Bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the bank's health. Then, regulators convened over the weekend and ...

SVB crisis: Depositors to get access to 'all of their money' from today

SVB crisis: To allay the fears, a joint statement was issued by the Joe Biden administration stating that resolution will 'fully protect all depositors' and 'no losses will be borne by the taxpayer'