News
Beijing sees “rainbows” after Yellen visit
US Treasury Secretary Janet Yellen looks on during a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing.
Mark Schiefelbein/Pool via REUTERS
July 09, 2023
US Treasury Secretary Janet Yellen wrapped up her high-profile trip to Beijing on Sunday with a message for China: we aren’t out to undermine China. Measures to curb US investment in China will be carefully targeted to prevent Americans from supporting the Chinese military, she said, but they do not seek to damage China's economy more broadly.
Beijing seemed to take Yellen's word for it — she is regarded by Beijing as a pragmatist one can do business with, as opposed to ideological China hawks in the Biden administration and Congress. (After holding talks with the top US economic policy official, Chinese Premier Li Qiang commented that now “China-US ties can see rainbows after a round of wind and rain.”)
Still, there are plenty of clouds lingering for the world’s two largest economies. The US still seeks to limit China's access to advanced semiconductors, to which Beijing might respond by making it harder for America to get rare-earth metals needed to make electric vehicles.
During her visit, Yellen also turned heads by publicly referring to Pan Gongsheng, recently named Communist Party chief of the People's Bank of China, as the head or acting head of the institution, which serves as China's central bank. Pan has yet to get the official nod, but read here to learn more about his likely appointment at a crucial moment for the Chinese economy.From Your Site Articles
More For You
- YouTube
Is AI advancing faster than our ability to regulate it? At the 2026 US-Canada Summit in Toronto, hosted by Eurasia Group and RBC, Ian Bremmer says the biggest issue with AI is not the technology itself, but the lack of governance keeping pace with its rapid development and rollout.
Most Popular
Iranian President Masoud Pezeshkian displays a memorandum of understanding after signing it in Tehran, Iran, on June 18, 2026, after the document was signed by US President Donald Trump.
Iranian Presidency via ZUMA Press
The interim agreement to end the war, signed by both sides on Wednesday, appears to tilt toward Iran. But the regime remains vulnerable.
A displaced woman holds an Iranian flag as she makes her way back to her home in southern Lebanon, on the highway of Sidon, Lebanon, June 16, 2026.
REUTERS/Zohra Bensemra
On June 14, the US and Iran announced a deal to end the war. A signing ceremony is set for Friday. The terms include an immediate ceasefire on all fronts. With both sides spinning the deal as a victory, there are plenty of ways for this to go wrong.
Sports inspire greatness, determination, and resilience — both on and off the field. Bank of America is proud to celebrate the achievements of and uplift communities through the power of sports. Learn more about how Bank of America supports athletes in life and in the game.
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.