What’s new: China’s central bank Governor Yi Gang met with U.S. Federal Reserve Chair Jerome Powell this week in Washington for their first in-person conference since 2019.
Yi and Powell exchanged views on China-U.S. economic and financial trends during a Tuesday meeting, the People’s Bank of China (PBOC) said Friday in a brief statement. The meeting was held during the World Bank and International Monetary Fund’s spring meetings.
Yi also attended a G-20 meeting of finance ministers and central bank heads during his stay in Washington between April 10 and 13. In a speech Yi said China’s economy is likely to grow around 5% this year as positive developments have appeared in the property market and the economy. He also said China is ready to work with all parties to implement the common framework for debt disposal.
The context: Yi’s last in-person meeting with Powell was in 2019, also in Washington on the sidelines of IMF and World Bank meetings.
In March 2020, the two had a phone conversation ahead of the Fed’s emergency interest rate cut in response to the growing economic threat from the Covid-19 pandemic.
In Washington, Yi also held meetings with Bank of Japan Governor Haruhiko Kuroda and European Commission Executive Vice President Valdis Dombrovskis.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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