US Treasury Secretary Janet Yellen said she’s eager to build on recent improvements in US-China relations as finance chiefs from around the world gather in India to address global economic challenges in the coming days.

Ahead of the Group of 20 meetings in Gandhinagar in Gujarat, the G-7 industrialized nations are meeting on Sunday. Finance chiefs are focusing on support for Ukraine, the reform of multilateral development banks and a push to rework global supply chains.

Key Developments

• Yellen Hopes to Build on US-China Thaw at India G-20 Gathering
• India, UAE to Trade in Local Currencies, Link Payments Systems
• G-20 Host India Seeks Bilaterals for Consensus Language on War
• War, Debt Distress, Inflation: G-20 Finance Chiefs Spar in India
• Geopolitical Wrangling Seen Shadowing India’s G-20 Finance Meet

(All times local)

Yellen Wants to Work with China on Debt Restructuring (10 a.m.)

Treasury Secretary Janet Yellen said on Sunday that she will work with China on areas of mutual interest including debt restructuring for poorer countries and that multilateral development banks needed more reforms to hike lending capacity.

“I am eager to build on the groundwork that we laid in Beijing to mobilize further action,” Yellen said in remarks ahead of a G-20 finance chiefs meeting. She said her visit to Beijing last week put the relationship between two biggest economies on “surer footing.”

India, UAE to Trade in Local Currencies, Link Payments Systems (19:20 p.m.)

India and the United Arab Emirates agreed to use their respective local currencies for cross-border transactions, as Prime Minister Narendra Modi pushes the rupee’s role on the global stage.

The two memorandum of understandings will facilitate “seamless cross border transactions and payments, and foster greater economic cooperation between the two countries,” the Reserve Bank of India said in a statement on Saturday, as Modi and the central bank’s Governor Shaktikanta Das inked the agreements with the UAE’s President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi.

India Seeks Bilaterals for G-20 Consensus Language on War (5 p.m.)

The Group of Twenty countries’ leaders won’t come together to discuss the language describing Russia’s war in Ukraine, with host India shifting to one-on-one discussions in an attempt to get an agreement.

With G-20 nations taking sides in the war — mainly for Ukraine — India is taking steps so that consensus on language can be achieved at the leaders’ summit in September, according to people familiar with the matter. They declined to be identified as discussions are private.

--With assistance from Kurien Abraham, Andy Clarke and Sudhi Ranjan Sen.