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Yellen told reporters during a visit to a Milwaukee job training
center that a U.S.-China Economic Working Group would meet in
Beijing shortly for larger discussions on China's economic
situation.
The Financial Working Group met last week and U.S. Treasury
officials "focused on pressures in the financial sector, in the
banking sector, stemming from debt problems of local governments
and the real estate sector," Yellen said. "They received
assurances that banks in China are doing well."
Chinese financial markets, however, sold off heavily this week
as investors both international and domestic grow frustrated
with the Chinese government's reluctance to take bold measures
to shore up the economy amid a protracted crisis in its real
estate sector and debt pressures.
Asked about the potential for spillovers from China's turmoil to
the U.S. economy, Yellen said that there could be impact.
"If growth slows to Asian countries that are important trade
partners, we may see some spillovers. But I don't think they're
going to be very large," she said.
Regarding calls to confiscate hundreds of billions of dollars in
frozen Russian assets, Yellen said she expected G7 finance
ministers to soon receive a report reviewing potential legal
justifications and risks associated with seizing the funds and
diverting them to aid Ukraine.
Asked if the report would be ready by the end of February,
Yellen said: "We're working to do it quickly."
She has previously said that an international law justification
agreed by G7 countries would be needed and that the U.S.
Congress would need to pass legislation to enable seizure of
Russian assets held in the U.S.
(Reporting by David Lawder; Editing by Paul Simao and Marguerita
Choy)
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