customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

knowledgeQuestion

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Amanda Lee

Senior 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”.

Just back from the 5th meeting of the US-China Financial Working Group in Shanghai. https://t.co/TM8zv6qcMU
— Brent Neiman (@BrentNeiman) August 17, 2024

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, and focused on sustainable finance, sharing respective experiences and practices, and exchanging views on potential cooperation opportunities, it added.




A “technical expert group” also presented a report on a resolution mechanism for each global systemically important bank, the operational resilience of financial institutions, climate risk stress testing and supervision on cross-border payments and settlement.
The US side had intended to discuss financial stability, issues related to cross-border data, lending, payments and private sector efforts to advance transition finance, according to Neiman, The New York Times reported at the start of last week.
He had also said the conversations with China would include concrete steps to improve communication in the event of financial stress
Although communication between China and the US have improved over the past year, the economic relationship remains fraught over disagreements, including over industrial policy and advanced technology investments.
The financial working group, along with an economic equivalent, was launched in September after a visit to Beijing by US Secretary of the Treasury Janet Yellen, with both groups aimed at fostering regular communication.
The first meetings took place in October, with both working groups reporting directly to Vice-Premier He Lifeng and Yellen.


China hit hard by new Dutch export controls on ASML chip-making equipment

TikTok faces crucial court hearing that could decide fate in US

China frees American pastor David Lin who US claims was wrongly jailed

Whoever wins the US election, America isn’t stopping China’s rise

US-China relations

US-China financial working group seek to ‘strengthen’ cooperation in times of stress

Senior finance officials from China and the United States held in Shanghai. Photo: People’s Bank of China

The working group was co-chaired deputy central bank governor Xuan Changneng. Photo: China News Service via Getty Images

Economy

Global Economy

China Economy

News

China

Money & Wealth

Diplomacy

World

United States & Canada

Financial Working Group met in Shanghai last week, with officials from China and US discussing a wide range of issues over two days


Financial Working Group met in Shanghai last week, with officials from China and the US discussing a wide range of issues over two days.
