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U.S. Treasury Secretary Yellen and China's vice premier speak about cooperation and economic recovery

The U.S. and China speak about cooperation and economic recovery

June 4, 2021: -On Wednesday, china’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen spoke for the first time since President Joe Biden took office. Both the U.S. and China said the two leaders spoke about the economy and cooperation and discussed issues of concern very frankly.

Yellen discussed the Biden administration is planning to “support a continued strong economic recovery and cooperating on areas that are in U.S. interests which are important,” the Treasury said in a statement.

According to a CNBC translation, Liu and Yellen agreed the two countries’ economic relationship is “significant,” Chinese state media said. The report said the leaders held a wide discussion on the macroeconomic situation and multilateral cooperation.

Neither side shared more details on the conversation. However, the world’s two largest economies have remained close trading partners even though geopolitical tensions.

The U.S. dollar weakens as the U.S. central bank keeps interest rates lower to support the recovery of the economy from the coronavirus pandemic. As a result, the Chinese yuan is at its strongest against the greenback in about three years. That makes Chinese goods relatively more expensive for American buyers.

More economists in China are concerned about spillover effects from massive U.S. government spending meant to support the growth.

Investors bet on a recovery, sending commodity prices surging. However, the rising costs have hit Chinese businesses, prompting the central Chinese government to announce more support and clamp down on market speculation.

Chinese media characterized the two leaders’ discussion on Wednesday as one bears an attitude of “mutual respect,” a phrase Beijing often uses when calls for more precise communication with the U.S.

Last week, Liu spoke with U.S. Trade Representative Katherine Tai for the first time since Biden took office.

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