Agencies
Seniowr finance officials from China and the United States agreed to carry out timely communication in times of financial stress to reduce uncertainty during a two-day meeting in Shanghai last week.
On Monday, the People’s Bank of China said the fifth meeting of the Financial Working Group held "professional, pragmatic, candid and constructive” talks on Thursday and Friday.
The central bank said the two sides signed an agreement to "strengthen” financial stability cooperation and exchanged lists of contacts, aiming to "enable the financial management departments of both sides to maintain timely and smooth communication channels” when financial institutions are facing operational risks and in times of financial stress events.
It was their first set of meetings since China’s tone-setting third plenum concluded last month.
The working group was co-chaired deputy central bank governor Xuan Changneng and Brent Neiman, the assistant secretary for international finance at the US Department of the Treasury.
On Saturday, in a post on X, the social media site formally known as Twitter, Neiman confirmed he was "Just back from the 5th meeting of the US-China Financial Working Group in Shanghai”.It was also attended by officials from the National Financial Regulatory and Administration and the China Securities Regulatory Commission, as well as the US Federal Reserve and the US Securities and Exchange Commission, the statement added.
During the meetings, the two sides discussed reform plans outlined in the communique issued following the third plenum – a high-level meeting held roughly once every five years to map out the general direction of China’s long-term social and economic policies.
They also communicated over the economic and financial situation, monetary policies in China and the US, financial stability and supervision, securities and capital markets, as well as cross-border payments and data. International financial governance, financial technology, sustainable finance, anti-money-laundering and counterterrorist financing were also discussed, according to the statement.
The first financial institution round table was also held during the two-day meeting, which involved Chinese and American financial institutions.