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Hong Kong CNN —Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. The visit, his first since 2020, comes as business confidence wanes in China and foreign companies pull out of the country. “General Secretary Xi Jinping’s visit to Shanghai sends important signals at a critical moment,” an editorial by Xinhua said Thursday. “Shanghai must be a vanguard of the country’s reform and opening up and a pioneer in its tech innovation and development,” Xi was quoted as saying by Xinhua. Earlier this month, Xi visited the United States for the first time in more than six years, where he met with President Joe Biden to amend ties between the two countries.
Persons: Xi Jinping, Xi, Lifeng, Cai Qi, Xi Jinping’s, ” Xi, Joe Biden Organizations: Hong Kong CNN, Shanghai Futures Exchange, Xinhua News Agency, PMI, Xinhua, “ Finance Locations: Hong Kong, Shanghai, China, Beijing, United States
China's Xi visits financial hub Shanghai
  + stars: | 2023-11-29 | by ( )   time to read: +3 min
Chinese President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, U.S., November 17, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsSHANGHAI, Nov 29 (Reuters) - China President Xi Jinping visited Shanghai, where he went to several venues and learned about the city's efforts to strengthen its competitiveness as an international financial centre, Xinhua news agency reported on Wednesday. Xi made the trip on Tuesday and Wednesday and he inspected the Shanghai Futures Exchange, an exhibition on Shanghai's sci-tech innovations and a government-subsidized rental housing community, the report said. Vice Premier He Lifeng, Shanghai's Communist party secretary Chen Jining and Mayor Gong Zheng also accompanied his visit. It was his first visit to the city since November 2020 and comes a year after historic street protests against China's zero-COVID policy broke out in Shanghai.
Persons: Xi Jinping, Kevin Lamarque, Xi, Cai Qi, Chen Jining, Gong Zheng, Xi's, Premier Li Qiang, Brenda Goh, Bernard Orr, Ella Cao, Ethan Wang, Mark Potter, Louise Heavens, Chizu Nomiyama, Mark Porter Organizations: Economic Cooperation, REUTERS, Rights, Shanghai Futures Exchange, Communist Party of China Central Committee, CPC, Communist, Shanghai Free, Trade, Disney, L'Oreal, Premier, Thomson Locations: Asia, San Francisco , California, U.S, China, Shanghai, Xinhua, Minhang
What do we know about China's new financial watchdog?
  + stars: | 2023-11-21 | by ( )   time to read: +4 min
BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.
Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln
Treasury Secretary Janet Yellen said Monday that U.S. President Joe Biden and Chinese President Xi Jinping remained far apart on the status of Taiwan after their high-profile meeting last week during the Asia-Pacific Economic Cooperation conference in San Francisco. "President Xi did express the view that it's important for Taiwan and mainland China to unify. "But President Biden said our policy remains unchanged from what it's always been with respect to Taiwan." Even after their talks last week, Biden and Xi's deadlock on the issue could have military ramifications, despite Xi's insistence that he does not want military conflict. Already, Taiwanese officials have reported escalating Chinese military action around the island in recent months.
Persons: Janet Yellen, Xi Jinping, Joe Biden, Xi, Yellen, Biden, it's, China's, Nancy Pelosi, I'm, that's Organizations: San Francisco International, Economic Cooperation, U.S, ., China, APEC Locations: Asia, San Francisco , California, Taiwan, San Francisco, China, People's Republic of China, U.S, Ukraine, Israel
U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - The United States has concerns about issues over privacy and social media, and the matter involving TikTok is not yet resolved, U.S. Treasury Secretary Janet Yellen told CNBC in an interview on Monday. "We do have concerns around the potential issues with privacy and social media," she said, adding that she cannot discuss TikTok specifically. "This wasn't an explicit matter of discussion" between U.S. President Joe Biden and Chinese President Xi Jinping when they met last week, Yellen told CNBC. She said she discussed Chinese investments in the United States with her Chinese counterpart during their own meeting, including the process involving the Committee on Foreign Investment in the United States (CFIUS).
Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, Joe Biden, Xi Jinping, Doina Chiacu, Susan Heavey, Toby Chopra, Doina Organizations: Treasury, APEC, Economic Cooperation, REUTERS, Rights, United, CNBC, Foreign Investment, Department of Treasury, Thomson Locations: U.S, Asia, San Francisco , California, United States, Washington, Beijing
REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said negotiations on the trade section of the Indo-Pacific Economic Framework will need further work, a setback for the Biden administration which had hoped to announce substantial outcomes this week. Yellen told a news conference there has been "very substantial progress" on three of the four areas under discussion by the 14 IPEF member countries, but there are "remaining issues" on trade. She said there had been "significant progress" on the trade pillar, "but it looks not to be complete, like something that is likely to require further work." People familiar with the talks said that an announcement of outcomes is more likely on clean energy cooperation and anti-corruption pillars of the IPEF. Both agreed that the U.S. and China should seek fair trade relations and a level playing field on which their companies can compete, Yellen added.
Persons: Janet Yellen, Lifeng, Carlos Barria, Biden, Yellen, Joe Biden, IPEF, Donald Trump, David Lawder, Ann Saphir, Tom Hogue, Lincoln Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Reuters, Asia Pacific Economic Cooperation, San Francisco . U.S, Pacific Partnership, Thomson Locations: U.S, Asia, San Francisco , California, Pacific, San Francisco ., China, CHINA, Beijing, San Francisco
U.S.-China relations are now more about crisis prevention
  + stars: | 2023-11-14 | by ( Evelyn Cheng | )   time to read: +7 min
It will be a rare summit before the U.S. presidential election cycle kicks off in earnest. "The immediate aftermath of the [Biden-Xi] meeting is likely to mark a cyclical high point for bilateral relations," he said. Taiwan is set to hold its presidential election in January, and a more pro-independence winner could stir more of Beijing's ire. Beijing considers Taiwan part of its territory, with no right to independently conduct diplomatic relations. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.
Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Biden, Michael Hirson, Trump, Xi, Gabriel Wildau, Antony Blinken, Chuck Schumer, Shen Yamei, Shen, Gina Raimondo, Lifeng, Janet Yellen, Teneo, Nancy Pelosi, Teneo's Wildau Organizations: Reuters, U.S, China Research, Research, D.C, Strategic, International, Biden, Republican, Democratic, American Studies, China Institute of International Studies, CNBC, U.S . Commerce, Treasury, U.S . House, Representatives, Economic Cooperation, China's Ministry of Commerce Locations: Bali , Indonesia, Reuters BEIJING, U.S, China, Taiwan, South China, Washington, Beijing, San Francisco, Gaza, Ukraine, Asia
More US-China take-privates could get feisty
  + stars: | 2023-11-14 | by ( Anshuman Daga | )   time to read: +4 min
It is unusual to see a ruckus over a U.S.-listed Chinese firm. Would-be acquirors of Hollysys include the company’s own management, a buyout firm and a consortium including Chinese state-owned investors. The segment constitutes 65% of Hollysys’ top line, which has risen by over 50% from three years ago. The Hollysys affair suggests shareholders can expect a little bit more as Chinese companies bid farewell to the United States. The $26 per share cash offer represents a 26% premium to the closing price on Nov. 3.
Persons: Janet Yellen, Mark Schiefelbein, Hong, Recco, Kong’s, David Blennerhassett, Hollysys, Una Galani, Thomas Shum Organizations: Treasury, Lifeng, Rights, Reuters, U.S, Nasdaq, Oasis Management, Capital Partners, Quiddity Advisors, ABB, Emerson Electric, VNET, Ascendent Capital Partners, Automation Technologies, Recco Control Technology, Hong, Investment, Thomson Locations: Beijing, China, Rights SINGAPORE, United States, People's Republic, Washington, Hong Kong, U.S, Singapore
The APEC GDP growth rate will average 2.9% in 2025 and 2026, below the global average of 3.2% and 3.5-3.6% in the rest of the world. Taming inflation could require more monetary policy tightening, slowing growth further. Trade volume growth for goods is set to rebound next year among APEC countries after a largely flat 2023 due to China's sluggish growth, rising to 4.3% for goods exports and 3.5% for goods imports. The data shows "how important it is to re-engage, de-risk and avoid decoupling" of the U.S. and Chinese economies. "I think a stable relationship within U.S. and China is a win-win situation for everyone," Kuriyama said.
Persons: Janet Yellen, Mark Schiefelbein, Carlos Kuriyama, Joe Biden, Xi Jinping, Kuriyama, David Lawder, Stephen Coates Organizations: Treasury, Lifeng, FRANCISCO, Asia Pacific Economic Cooperation, APEC, Unit, U.S, Thomson Locations: Beijing, China, Asia, San Francisco, U.S
If both are calculated in dollar terms, however, Chinese stocks have, by some measures, carried an advantage over the very long term. Many observers say demographics, deleveraging, and de-risking - U.S. firms on-shoring, new supply chains, and trade tensions – will be a considerable long-term drag on Chinese growth. Little wonder, perhaps, that Chinese stocks are so cheap. Reuters Image Acquire Licensing RightsBased on 12-month forward price/earnings multiples, U.S. stocks are twice as expensive as Chinese stocks. For the past 10 years Chinese stocks have been substantially cheaper than U.S. stocks, and most of the decade before that they were usually cheaper too.
Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, Torsten Slok, Janet Yellen, Lifeng, Colin Graham, Graham, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Shanghai, CSI, Reuters, Apollo Global Management, U.S, Treasury, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, China, Mexico
U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers on Monday to boost the productive capacity of their economies while working to finance the transition to low-carbon energy and provide more opportunities for the poor. Opening a meeting of finance ministers of Asia Pacific Economic Cooperation countries, Yellen said the group's economic dynamism meant that the actions they take matter for addressing global challenges. A day after the APEC Secretariat issued new forecasts for slowing growth next year amid a continued inflation fight and U.S.-China tensions, Yellen said the group needed to increase potential output. And we need to leverage emerging technologies to drive innovation while maintaining safe financial markets," Yellen added. The APEC finance ministers meeting comes just ahead of the APEC leaders' summit later this week and a high-stakes meeting between U.S.-President Joe Biden and Chinese President Xi Jinping aimed at easing tensions between the world's two largest economies.
Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping Organizations: Treasury, APEC, Economic Cooperation, Pacific Rim, Asia Pacific Economic Cooperation Locations: U.S, Asia, San Francisco , California, Pacific, China, Ukraine, Vietnam, Indonesia
WASHINGTON (AP) — President Joe Biden and China’s Xi Jinping have no shortage of difficult issues to discuss when they sit down for their first talks in a year, even if expectations are low that their meeting will lead to major breakthroughs. Beijing’s demands were made clear last November when Xi and Biden met in Bali, Indonesia, during the Group of 20 summit. That was a rejoinder to the Biden administration mantra that the two nations should compete vigorously while not looking for conflict. Beijing has bristled at export controls and other measures imposed by the Biden administration, perceiving them as designed to stifle China's economic growth. But Xi, this time, is likely to seek assurance from Biden that the U.S. will not pile new ones onto China.
Persons: Joe Biden, China’s Xi, what’s, Biden, Xi, Janet Yellen, , , Nancy Pelosi, Newt Gingrich, Xie Feng, Wang Wenbin, Zhu Feng, Zhu, Kanis Leung, Ken Moritsugu, Yu Bing Organizations: WASHINGTON, Economic Cooperation, BIDEN, U.S ., U.S, American, School of International Studies of Nanjing University, Trump, Biden, , Associated Press Locations: Asia, Taiwan, East, Europe, U.S, China, Francisco, Beijing, United States, Taiwan . Washington, Iran, Tehran, Israel, American, Hong Kong, Bali , Indonesia, Bali, Washington, ” Beijing, San Francisco
WASHINGTON (AP) — The United States and China are the two global economic heavyweights. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40% of the world’s people and nearly half of global trade. Indeed, imports of Chinese goods to the United States were down 24% through September compared with the same period of 2022. Xi, too, has reason to try to restore economic cooperation with the United States. “This will not be an easy sell.’’Complicating matters is that the tensions between Washington and Beijing go well beyond economics.
Persons: Joe Biden, Xi, Eswar Prasad, , Prasad, Donald Trump, Trump, Biden, Chad Bown, Janet Yellen, Lifeng, , ” Yellen, ’ ’, Wendy Cutler, Raja Krishnamoorthi, ’ ’ Krishnamoorthi, Organizations: WASHINGTON, International Monetary Fund, , Cornell University, Economic Cooperation, Biden, World Trade Organization, U.S, Peterson Institute for International Economics, Prosperity, Trump, Group, Bain & Co, Micron, IMF, United, Asia Society Institute, Chinese Communist Party, Republicans, Pew Research Center, Center for Strategic, International Studies, Rep, Illinois Democrat Locations: United States, China, Washington, Beijing, U.S, Ukraine, Gaza, Asia, San Francisco, Shanghai, Hong Kong, Xinjiang, India, Philippines, South China, Taiwan, Chinese, Kenya, Nigeria, Illinois
Janet Yellen, US Treasury secretary, and He Lifeng, China's vice premier, during a meeting in San Francisco, California, US, on Friday, Nov. 10, 2023. U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed to "intensify communication" and work together on a range of economic, financial stability and regulatory issues, Treasury said on Friday. "During the meetings, Secretary Yellen emphasized the importance that both countries responsibly manage the bilateral economic relationship, including maintaining resilient communication channels," Treasury said. Yellen and He exchanged their views on domestic and global macroeconomic and financial developments, it said, noting that Yellen acknowledged "significant headwinds and risks to the global economy." They also discussed the Israel-Hamas war, and Yellen spoke about the need "to prevent escalation and expansion of the conflict in the Middle East," Treasury said.
Persons: Janet Yellen, Lifeng, Yellen Organizations: Treasury, ., Economic Cooperation, International Monetary Fund Locations: San Francisco , California, China, U.S, San Francisco, Asia, Russia, Ukraine, Israel
Treasury Secretary Janet L. Yellen said after two days of meetings with Vice Premier He Lifeng in San Francisco that they had concluded they should strive for a “healthy economic relationship” and try to work more constructively together. “We do not seek to decouple our economy from China’s,” Ms. Yellen said. “This would be damaging to both the U.S. and China and destabilizing for the world.”She and Mr. While economic strength in the United States has been a bright spot, China’s economy continues to sputter. Official statistics this week showed that prices in China are falling as households and businesses remain wary of spending even as state-controlled banks invest in the construction of more factories.
Persons: Janet L, Yellen, , Ms Organizations: U.S Locations: States, China, San Francisco, China’s, Ukraine, United States
ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.
Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York
WASHINGTON (AP) — President Joe Biden and Chinese President Xi Jinping will meet Wednesday in California for talks on trade, Taiwan and managing fraught U.S.-Chinese relations in the first engagement between the leaders of the world's two biggest economies in nearly a year. Thousands of protesters are expected to descend on San Francisco during the summit. Thousands of people protesting climate destruction, corporate practices, the Israel-Hamas war and other issues are expected to descend on San Francisco during the summit. San Francisco Police Department Chief Bill Scott said his department expects several protests a day but doesn't know which ones will materialize where and when. ___Associated Press writer Janie Har in San Francisco and Ken Moritsugu in Beijing contributed reporting.
Persons: Joe Biden, Xi Jinping, Biden, Xi, Karine Jean, Pierre, , Janet Yellen, Lifeng, Tsai Ing, Nancy Pelosi's, ” Biden, Bill Scott, Janie Har, Ken Moritsugu Organizations: WASHINGTON, Economic Cooperation, White, APEC, U.S ., Biden, Communist Party, Democratic, U.S, Beijing, Senate Intelligence, Pentagon, San Francisco Police Department, Associated Press Locations: California, Taiwan, Asia, San Francisco, U.S, China, San Francisco Bay, Beijing, United States, North Korea, Pyongyang, Russia, Ukraine, Iran, Tehran, Israel, Bali , Indonesia, Taipei, American, South China, Philippines, States
She added that she plans to return to China next year after making her first trip there as treasury secretary in July. Biden and Xi will meet Wednesday on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, the first engagement in a year between the leaders of the world's two biggest economies. A Treasury Department readout of the meetings said both sides agreed to increase communications on economic issues and emphasized a commitment not to break economic ties. “Our mutual desire, both China and the United States, is to create a level playing field and ongoing, meaningful and mutually beneficial economic relations,” Yellen said. “That is our main focus.”Yellen has met with a host of Chinese officials throughout this year.
Persons: Janet Yellen, , Joe Biden, Xi Jinping, Yellen, Lifeng, , Biden, Xi, ” Yellen, Liu, ___ Hussein Organizations: FRANCISCO, , Treasury, Economic Cooperation Locations: China, Asia, San Francisco, United States, Zurich, Washington
U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria Acquire Licensing RightsSAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack. "The Treasury Department and the United States has given "as much assistance as we possibly can to the firm in dealing with this issue," she said.
Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Diane Craft Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Industrial, Commercial Bank of, U.S, China, Treasury Department, Thomson Locations: U.S, Asia, San Francisco , California, Commercial Bank of China, San Francisco, United States
SAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that she agreed with Chinese Vice Premier He Lifeng to "intensify communication" on economic issues but warned him to crack down on Chinese companies that give material support to Russia for its war in Ukraine. "During our discussions, we agreed that in-depth and frank discussions matter, particularly when we disagree," Yellen said. "And I emphasized that the current uncertain global landscape makes it particularly crucial that we maintain resilient lines of communication going forward." "We would like to see China crack down on this, especially when we're able to provide information," Yellen said. Discussing the Israel-Hamas war, Yellen spoke of the need "to prevent escalation and expansion of the conflict in the Middle East," the Treasury said in a statement.
Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Carlos Barria, Donald Trump's, Liao Min, Liao, Eric Beech, David Lawder, Ann Saphir, Andrea Shalal, David Ljunggren, Chizu Nomiyama, Andrea Ricci, Grant McCool, Christian Schmollinger, Simon Cameron, Moore Organizations: FRANCISCO, . Treasury, Economic Cooperation, Communist Party, Treasury, U.S, APEC, REUTERS, Industrial, Commercial Bank of, Finance, Ministry of Finance, Fund, Thomson Locations: Russia, Ukraine, San Francisco, Asia, China, RUSSIA, Israel, U.S, San Francisco , California, Commercial Bank of China, Washington, Beijing, United States
SAN FRANCISCO (AP) — World leaders, CEOs, protesters and thousands of others will soon descend on San Francisco for a global trade summit that could give the battered city a chance to reverse its image of an economic powerhouse now in decline. As host, San Francisco and the city's partners are polishing sidewalks, scrubbing away graffiti and moving homeless people to accommodations indoors. “It shows that San Francisco isn’t dead,” he said, adding he believes “there's an appetite for things to change” despite negative media narratives. This month, Air China resumed direct flights between San Francisco and Beijing after suspending flights just before the pandemic. —-Associated Press journalists Haven Daley in San Francisco and Huizhong Wu in Bangkok contributed to this report.
Persons: Joe Biden, Xi Jinping, London Breed, Breed, , , Gavin Newsom, Newsom, Janet Yellen, Karl Kramer, LaunchSquad, Gilbert Manirakiza, Chotto Matte, Kurt Zdesar, San Francisco isn’t, , Azalina Eusope, ” Eusope, Jennifer Friedenbach, San Francisco, Emily Cohen, Malcolm Yeung, Haven Daley, Huizhong Wu Organizations: FRANCISCO, Economic Cooperation, Francisco's, United Nations, London, Associated Press . California Gov, San Francisco, Fox, Treasury, San, APEC, San Francisco Living Wage Coalition, San Francisco Giants, dreamers, Coalition, Homelessness, city's Department of Homelessness, Air China, Chinatown Community Development Center, Associated Press Locations: San Francisco, Asia, United, Francisco, San, U.S, Israel, Kenya, Chinatown, Malaysian, Tenderloin District, Beijing, Tourism, China, Bangkok
CNN —President Biden’s highly anticipated meeting with Chinese President Xi Jinping is set for next Wednesday in the San Francisco Bay Area, senior US administration officials said, setting up a test of whether the two men can slow a downward spiral in relations at a moment of heavy global turbulence. It includes restoring military-to-military communication between the two countries, a chief objective for Biden, who plans to press Xi on the issue. Despite a deep and apparently warm personal relationship cultivated during their time as vice presidents, Biden and Xi have overseen a deterioration in US-China relations to the lowest level in decades. That meeting was intended to establish a baseline for the relationship amid heightened economic and military tension. Ahead of next week’s meeting, US Treasury Secretary Janet Yellen invited Chinese Vice Premier He Lifeng, known as the country’s “economic tsar,” for a two-day meeting starting Thursday.
Persons: Biden’s, Xi Jinping, aren’t, Biden, Xi, , Bonny Lin, “ Rather, Nancy Pelosi, Antony Blinken, Janet Yellen, Gina Raimondo, Wang Yi, Jake Sullivan, Han Zheng, ” Han Organizations: CNN, San Francisco Bay Area, White, Communist Party, Biden, China Power Project, Center for Strategic, International Studies, US National, Washington, Bloomberg Locations: San Francisco Bay, Ukraine, Washington, Beijing, Israel, South, Taiwan, California, China, Russia, United States, Bali, Singapore
Morning Bid: Powell pushback puts cloud 9 beyond reach
  + stars: | 2023-11-10 | by ( )   time to read: +5 min
Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.
Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta
"I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen told reporters at a news conference in San Francisco. "We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies aiding Moscow's war effort could face sanctions. "We would like to see China crack down on this, especially when we're able to provide information," she said. Yellen stressed the Chinese firms in question were private and said she was not suggesting that this was occurring with knowledge of the Chinese government. Reporting by David Lawder and Ann Saphir, writing by Andrea Shalal and Alistair BellOur Standards: The Thomson Reuters Trust Principles.
Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Andrea Shalal, Alistair Bell Organizations: . Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, Ukraine, Thomson Locations: U.S, Asia, San Francisco , California, China, Moscow, San Francisco, Russia
Treasury Secretary Janet Yellen concluded a visit to China this year by saying that both sides were making progress on managing economic and national-security tensions. She added that a decoupling of the world’s two largest economies is ‘impossible.’ Photo: Mark R. Cristino/Zuma PressAs Treasury Secretary Janet Yellen meets Chinese Vice Premier He Lifeng this week, the two sides find themselves in an economic role reversal. The U.S. economy, buoyed by consumer spending and generous government subsidies for certain industries, bounded forward this year, notching 4.9% growth in the third quarter and defying forecasts of a recession. China, meanwhile, is mired in a property slump that has weighed down its entire economy, raising questions among economists about whether Beijing’s growth engine is permanently downshifting.
Persons: Janet Yellen, Cristino Organizations: Zuma Locations: China, U.S
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