Treasury Secretary Janet Yellen speaks during a press conference at the US Embassy in Beijing, China on Sunday, July 9, 2023.WASHINGTON—On the heels of a trip to Beijing, US Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.
Yellen’s frequent stops in the country signal the importance of that relationship at a time of tensions with China. “They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.” Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3 billion in loans, on the sidelines of a global finance summit in Paris.
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