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☆ China central bank releases slate of support measures amid a deepening economic slump
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +6 min

Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.

Persons: Pan Gongsheng, Pan, Lynn Song, ”, “, Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, “, U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn

☆ Yellen returns to China to tackle economic challenges bedeviling ties with US
▼ + stars: | 2024-04-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Janet Yellen has kicked off her second visit to China as US treasury secretary to continue efforts to further stabilize ties between the world’s two largest economies. “During prior meetings with her Chinese interlocutors, Yellen has largely avoided taking a strong stance on controversial issues,” he said. Trade tensionsBiden administration officials have suggested raising tariffs on Chinese imports to “level” the playing field for trade. Former President Donald Trump has threatened to slap 60% tariffs on imports from China if he is re-elected. The “forces” are often referred to as emerging industries such as EVs, new materials and artificial intelligence.

Persons: Hong Kong CNN — Janet Yellen, Yellen, “, ’ Yellen, Joe Biden, Xi Jinping, Li Qiang, Lifeng, Liu He, Pan Gongsheng, Lan Fo’an, Craig Singleton, ”, Biden, Xi’s, Donald Trump, Rick Waters, ’, Xi, Waters, don’t, ” Singleton Organizations: Hong Kong CNN, People’s Bank of China, Finance, Foundation for Defense of Democracies, Bali . Trade, Biden, Trump, Treasury Department Locations: China, Hong Kong, Georgia, United States, California, Guangzhou, Beijing, Washington, Bali ., Eurasia

☆ China to bolster economic recovery and curb risks, central bank head says
▼ + stars: | 2023-10-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING (Reuters) - China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday. FILE PHOTO: A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. The report is significant because it is the first time the governor has commented on policy after the publication of third-quarter economic data. It will also guide financial institutions to help resolve local government debt risks, including debt risks of local government financing vehicles, he said. Pan also said in the report China would resolve the default risk of bonds of big real estate enterprises, preventing risk contagion in stock, bond and foreign exchange markets, and ensuring the stable operation of financial markets.

Persons: Pan Gongsheng, Jason Lee, Pan Organizations: People’s Bank of China, People's Bank of China, REUTERS Locations: SHANGHAI, BEIJING, China, Beijing

☆ Yellen, China's top central banker talk about debt, economic developments -US Treasury
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen and People’s Bank of China Governor Pan Gongsheng pose before holding a bilateral meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen and People's Bank of China Governor Pan Gongsheng on Friday held a "substantive and productive" meeting that covered debt, financial architecture and future economic communications, a Treasury spokesperson said. "During the substantive and productive meeting, Secretary Yellen and Governor Pan exchanged views on macroeconomic and financial developments," the spokesperson said in an emailed statement after the meeting on the sidelines of International Monetary Fund and World Bank meetings in Morocco. "They also discussed the international financial architecture and debt issues, as well as how to make the Financial Working Group co-chaired by Treasury and the PBOC substantive and productive," the spokesperson said, referring to one of two new U.S.-China economic communications groups launched in September. Reporting by David Lawder; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Susana Vera, Yellen, Pan, David Lawder, Alex Richardson Organizations: People’s Bank of China, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, People's Bank of China, Treasury, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, China

CNN —US Treasury Secretary Janet Yellen arrived in Beijing Thursday ahead of high-stakes meetings with senior Chinese officials. The treasury secretary intends “to talk about the bilateral economic relationship, raise issues of concern, and discuss ways we can work together on global challenges” during her meeting with Li, a senior Treasury official told reporters traveling with Yellen. On Friday, Yellen will also meet with her former counterpart, Liu He, in what the Treasury official said could be “seen as a meeting of old friends.”“They were former counterparts. I will say that definitively,” the official told reporters. Yellen will be in China until July 9, according to the Department of the Treasury.

Persons: Janet Yellen, Yellen, China’s Premier Li Qiang, Xi Jinping, “, ”, Li, Liu He, They’ve, Zhou Xiaochuan, Joe Biden’s “, Xi Organizations: CNN, China’s Premier, Treasury, Yellen, People’s Bank of China, Treasury Department, Department of, Biden Locations: Beijing, China, PRC

☆ Li Qiang: China's new premier tries to reassure private sector amid widespread concerns about future
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China’s new premier has tried to reassure the private sector in his debut press conference, as concerns grew about the country’s future policy direction with the introduction of a new cabinet loyal to leader Xi Jinping. Li Qiang, a long-time aide to Xi, officially succeeded Li Keqiang as premier over the weekend. Li Qiang speaks during his first press conference as premier at the Great Hall of the People in Beijing on March 13, 2023. As a group of Xi’s close associates stepped into office, some Western-educated, reform-minded officials departed – including former Premier Li Keqiang and former Vice Premier Liu He. Analysts are worried that Xi’s preference for personal loyalty over technocratic competence signals a more ideology-driven policy direction that could further dent private sector growth and worsen Beijing’s ties with Washington.

☆ Yellen Meets China’s Central Bank Governor as U.S. Seeks to Repair Ties With Beijing
▼ + stars: | 2022-11-16 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

NUSA DUA, Indonesia—Treasury Secretary Janet Yellen held her first meeting with a top Chinese economic official since House Speaker Nancy Pelosi‘s visit to Taiwan, as the Biden administration works to restore communication lines and prevent a spiraling economic conflict with the world’s second-largest economy. Ms. Yellen met with People’s Bank of China Gov. Yi Gang for more than two hours on Wednesday on the sidelines of a summit of the Group of 20 major economies in Bali, Indonesia. They discussed the volatility in energy and commodity markets and the economic outlook for the two countries, according to a U.S. readout of the meeting. The People’s Bank of China called the exchange broad and constructive, but didn’t offer any further details.

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