Yellen - deer in deflationary headlights
  • Had candid, direct and productive discussions
  • Emphasized that the US seeks a healthy economic relationship that benefits both countries over time
  • Emphasized importance that both countries responsibly manage bilateral relationship
  • Agreed to intensify communication to work together on shared challenges, including growth, financial stability and regulatory issues
  • Yellen plans to visit China next year
  • Expressed concern about China's controls on graphite, and other critical minerals

I think one of the reasons that US stocks are doing so well today is optimism about the Xi-Biden meetings next week but you don't see any of the same enthusiasm in Chinese ADRs so that thinking might be misplaced.