Yellen to meet US allies during IMF, World Bank meetings, press China on growth

Finance ministers from the Group of Seven (G7) industrial democracies and Group of 20 major economies also are expected to meet this week. During the G7 meeting Yellen hopes to advance discussions among the allies to unlock the value of frozen Russian sovereign assets to support Ukraine’s resistance to the Russian invasion.

The official declined to discuss specific potential plans for the assets, adding that the G7 finance discussions were aimed at presenting G7 leaders with options to consider at a summit in Italy in June.

The discussions with Chinese officials will follow Yellen’s trip earlier this month to Guangzhou and Beijing, in which she made the case for boosting China’s domestic demand and warned Beijing that the US could not accept a massive new wave of cheap Chinese exports of EVs and solar products decimating new US industries in the same way that steel production was damaged a decade ago.

Tough conversations key to bridging gap between China, US

The official said the two sides would “get more into the weeds to start exchanging more detailed data” on the excess capacity issue.

The official said Yellen also will be talking up US economic strength at the meetings and pushing for more progress on debt relief for vulnerable countries and the advancement of multilateral development bank reforms to better fight climate change.

“We expect that America’s path to a ‘soft landing’ will continue to underpin global growth,” the official said, referring to a scenario in which inflation in the US could continue to drop without ruining the job market or causing a painful recession. “We’ve also been engaging with the world to mitigate short-term risks and support sustainable long-term growth, recognising that the prospects for a soft landing are not felt equally everywhere.”

Yellen will hold a press conference on Tuesday.

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