US Treasury Secretary Janet Yellen emphasized the need for a united response to China's industrial policies at the G7 meeting in Italy. China and the US exchanged criticisms over overcapacity issues, with the US advocating for protection against unfair trade practices. Yellen also highlighted the importance of rare and well-communicated currency interventions to address China's industrial policies and overinvestment.
US TREASURY SECRETARY YELLEN: FOREX INTERVENTION IS A TOOL THAT SHOULD NOT BE USED IN A ROUTINE WAY.
US TREASURY SECRETARY YELLEN: CURRENCY INTERVENTIONS SHOULD BE RARE AND COMMUNICATED WELL IN ADVANCE.
US TREASURY SECRETARY YELLEN: CHINA NEEDS TO UNDERSTAND THAT IT FACES A WALL OF OPPOSITION TO ITS INDUSTRIAL POLICIES & OVERINVESTMENT.
US TREASURY SECRETARY YELLEN: THE G7 HAS COLLECTIVELY RECOGNIZED THE NEED TO PROTECT WORKERS AND BUSINESSES FROM UNFAIR TRADE PRACTICE.
#OpenComment China's so-called overcapacity problem is a straw man that the United States has raised to elbow out emerging industries from other countries for a "US-only" dream. https://t.co/NdaN4DnHay
The West has vigorously smeared China's "overcapacity". The reason behind this is their fear and the rejection of multiple perspectives. See how scholars, researchers and investors comment on the real situation of China's "overcapacity". (1/4) https://t.co/Gbn3DIQlhw
China's Foreign Ministry: G7 should prioritize U.S. overcapacity issue https://t.co/CBvaKLvKBB
FRANCE'S FINANCE MIN. LE MAIRE: G7 AND EUROPE MUST STAND UNITED IN FACE OF CHINA'S INDUSTRIAL OVERCAPACITY.
The #US government’s concoction and hyping of #China’s new energy “overcapacity” completely deviates from the facts and economic rules, a Chinese Foreign Ministry spokesperson said on Wednesday, blasting the latest US efforts to make a protectionism alliance at #G7 to bar Chinese… https://t.co/KEfgt016J2
Janet Yellen in Italy: “China’s industrial policy may seem remote as we sit here in this room, but if we do not respond…in a united way, the viability of businesses in both our countries and around the world could be at risk.” @aduehren @kimmackrael https://t.co/PkEHBVg14t