Janet Yellen and Chinese central banker discuss financial monitoring and money laundering

US treasury secretary’s meeting in Washington follows talks last week with China’s vice-minister of finance Liao Min

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US Treasury Secretary Janet Yellen has been holding talks with Chinese finance officials. Photo: Getty Images/AFP

Robert DelaneyandLaura Zhouin Washington

Published: 12:01am, 1 Nov 2024Updated: 8:48am, 1 Nov 2024

US Treasury Secretary Janet Yellen has met with China’s deputy central bank governor Xuan Chengneng in Washington this week to discuss coordination on financial market monitoring and money laundering.

The talks this week marked a continuation of the sixth meeting of a bilateral economic working group and took place on the sidelines of the annual meetings of the World Bank and International Monetary Fund.

They also followed Yellen’s meeting last week with China’s vice-minister of finance Liao Min, covering Beijing’s most ambitious stimulus measures since the coronavirus pandemic and addressing other macroeconomic issues.

Discussions about the stimulus continued during Yellen’s talks with Xuan, which was co-led by her assistant secretary for international affairs Brent Neiman.

China’s Vice-Minister of Finance Liao Min discussed macroeconomic issues with Yellen last week. Photo: AFP

According to a Treasury statement on Thursday, Neiman and Xuan “also received readouts from … technical exercises on international macroeconomic data reporting, strengthening communication in the event of banking stress, and climate and insurance risk”.

“The Joint Treasury-People’s Bank of China Cooperation and Exchange on Anti-Money Laundering also held its third meeting” as part of this week’s talks, and “both sides raised issues of concern”.