For decades, the U.S. Treasury has played an essential role in stabilizing U.S.-China relations, to the applause of those who favor engagement and the consternation of those who don’t. That’s true in the Biden Treasury as well. Treasury has helped ease tensions with Beijing through visits by Secretary Janet Yellen and regular meetings of U.S.-China economic working groups. Jay Shambaugh, Treasury’s undersecretary for international affairs, leads one of those working groups and recently ret
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