Yellen Blasts Chinese Actions vs U.S. Businesses

Treasury Secretary Janet Yellen raised concerns over Chinese business malpractices during her visit to Beijing Friday, warning the US would respond to unfair economic practices, Sarah Ewall-Wice wrote for CBS Moneywatch.

Photo Insert: Yellen also criticized new export controls announced by China on two minerals crucial to semiconductor technologies, gallium and germanium.

"I've been particularly troubled by punitive actions that have been taken against US firms in recent months," Yellen said at a roundtable that brought together representatives of some of the largest companies in the US that have businesses in China, including Boeing, Bank of America and Cargill.

During her three-day visit, the treasury secretary is also sitting down with senior Chinese officials for high-stakes meetings amid escalating tensions between the world's two largest economies.

Yellen also criticized new export controls announced by China on two minerals crucial to semiconductor technologies, gallium and germanium. Eighty percent of the world's gallium is in China.

Germanium, the alliance says, is used in fiber optics and infrared optics and has applications in electronics and solar cells. About 60% of the world's germanium is produced by China.

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