On Wednesday’s broadcast of CNBC’s “Money Movers,” Treasury Secretary Janet Yellen stated that the U.S. government will act in response to China’s hack of the Treasury Department and the hack is damaging to U.S.-China relations, “But I do think we have built a much more constructive and stabilizing relationship with China over the last couple of years.”
Yellen stated [relevant remarks begin around 29:00] that the Treasury hack is “of course, a tremendous concern to us. There was no access to secure or classified information. This affected a number of workstations at Treasury. But it’s not something that builds confidence in our relationship. And we will and have taken action against perpetrators of cyberattacks from China and other countries. Just last week, we placed sanctions on a cyberattacker from China. So, we will act, but it doesn’t help our relations.”
She continued, “But I do think we have built a much more constructive and stabilizing relationship with China over the last couple of years. And I believe my visits have played a positive role. Before 2023, there were almost no contacts between senior U.S. and Chinese officials. And I think that’s a dangerous situation because misunderstandings can take place, there are no channels, really, to voice concerns over behavior of the other party. And, of course, it’s necessary in some areas for China and the United States, as the world’s two biggest economies, to cooperate, to collaborate. And it’s important, both for China and the U.S., and it’s important for the rest of the globe. And I do think our channels of communication have improved substantially. We have very frank and tough conversations, and it enables me to explain what our concerns are with Chinese policy. All along, in my visits to China — and this would include my session on Monday evening — I’ve expressed concern about China’s overall macroeconomic policy.”
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