The last day of U.S.
Secretary Janet Yellen s trip to China coincided with the
strongest retort yet from Beijing officials over her claims that
China is flooding global markets with cheap goods,. -April 10, 2024 at 07:25 pm EDT
- MarketScreener
The last day of U.S. Secretary Janet Yellen's trip to China coincided with the strongest retort yet from Beijing officials over her claims that China is flooding global markets with cheap goods, particularly in the new green industries. As Yellen laid out plans to formalise dialogue with China over excess industrial capacity in electric vehicles (EVs), solar panels and batteries, saying Washington would not accept U.S. industry being "decimated", the Chinese finance ministry issued a statement saying it had already "fully responded" to her concerns. Commerce Minister Wang Wentao, at a roundtable meeting with Chinese EV makers in Paris on Monday, said U.S. and European assertions of excess capacity were groundless, adding China's rise in these industries was driven by innovation and complete supply chain systems, among other factors.
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Big central banks have ended their historic monetary tightening cycle but predictions about who will cut rates next, and how deeply, are diverging fast. Markets, that a month ago expected coordinated easing in June, have been thrown into disarray as Wednesday's hot U.S. inflation pushed forecasts for the first Federal Reserve cut out to September. The European Central Bank has signalled it will soon call time on its battle with inflation, while Australia and Norway have more to worry about.
Markets Grapple With Shifting Central Bank Rate Cut Bets usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.