The chapter explores Treasury Secretary Yellen's strategic visit to China to enhance mutual understanding and address issues like industrial overcapacity and potential support for Russian military efforts. Yellen delivers tough messages backed by evidence, highlighting the US's influence over financial institutions through control of US dollars.
The US-China relationship saw several years of instability — including a trade war, China’s Covid-Zero policy and the discovery of a Chinese spy balloon above the United States.
And now, with both sides keen to resume cooperation, Treasury Secretary Janet Yellen is wrapping up a trip to China with strong words about the country’s manufacturing strategy and its alleged support of Russia’s war effort.
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