U.S. Treasury Secretary Janet Yellen has become the second U.S. cabinet member to visit China in a month, setting the stage for more high-level communication.
U.S. Treasury Secretary Janet Yellen has become the second U.S. Cabinet member to visit China in a month, setting the stage for more high-level communication between the two countries.
"As long as there are talks and communication between China and the U.S., the market will get used to the new normal," said UBS' Yifan Hu.Chinese Premier Li Qiang speaks with U.S. Treasury Secretary Janet Yellen during a meeting at the Great Hall of the People in Beijing on July 7, 2023.has become the second U.S. Cabinet member to visit China in a month, setting the stage for more high-level communication between the two countries.
In coming days, John Kerry, special presidential envoy for climate, also plans to visit China, he told the. The U.S. embassy in Beijing did not immediately respond to a CNBC request for comment. The multiple trips mark a shift from early this year, when an alleged Chinese spy balloon forced U.S. Secretary of State Antony Blinken to postpone his Beijing travel plans.Geopolitics weighed on the market earlier this year, Yifan Hu, regional chief investment officer and head of macroeconomics Asia Pacific at UBS Global Wealth Management, said Monday in a press briefing about the second-half outlook.
"As long as there are talks and communication between China and the U.S., the market will get used to the new normal," she said, noting performance will likely be less volatile. That's according to a CNBC translation of her Mandarin-language remarks.
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