Biden Reaches Out To Xi Jinping With Eye On Financial Stability – OpEd
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US President Joe Biden called Chinese President Xi Jinping to discuss stabilizing the US-China relationship. Both leaders expressed the wish for stabilizing bilateral relations, managing differences, expanding cooperation, and agreed that a stable and predictable China-US relationship is in their interests. Treasury Secretary Janet Yellen will be traveling to China on an extended visit to build on the intensive diplomacy and manage the bilateral economic relationship. The US monetary policy is at an inflection point, and financial stability is a core issue. China's steady monetary policy and tools make it a potential safe haven for international capital. The rise of gold prices reflects a lack of confidence in US dollar-denominated assets. Yellen's focus in China will be on financial stability. The US national debt is almost equal to the combined value of the economies of China, Germany, Japan, India, and the UK. Biden also raised concerns over China's support for Russia's defense industrial base and its impact on European and transatlantic security. China warned against external encouragement and support for Taiwan's independence and being adamant on containing China's hi-tech development.
#UschinaRelations #FinancialStability #TreasurySecretaryJanetYellen #GoldPrices #UsNationalDebt #Taiwan #Russia