China and US hold first financial group meeting, will ‘deepen economic relationship’, Treasury Secretary Janet Yellen says

Financial group meeting on Wednesday followed first Economic Working Group meeting on Tuesday as part of efforts to foster regular communications

US Secretary of the Treasury Janet Yellen said the US and China ‘have had a set of very constructive and deepening discussions about areas of mutual concern’

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Both economic and financial working groups report directly to China’s Vice-Premier He Lifeng and US Secretary of the Treasury Janet Yellen. Photo: Bloomberg

Published: 11:00pm, 27 Oct 2023

Senior finance officials from China and the United States had “professional, pragmatic, candid and constructive” discussions over financial stability, supervision and regulation at the first meeting of a new financial group this week.

The virtual meeting on Wednesday followed the first Economic Working Group meeting on Tuesday, and covered monetary and financial stability, financial supervision, sustainable finance, anti-money-laundering and countering the financing of terrorism, as well as global financial governance between the two countries, the People’s Bank of China said on Friday.

The discussions were “professional, pragmatic, candid and constructive”, the statement added, and both sides agreed to continue to communicate as the world’s two largest economies step up efforts to ease tensions.

The meeting was co-hosted by deputy ministerial-level officials from the PBOC and the US Department of the Treasury.

It was attended by China’s National Administration of Financial Regulation, the China Securities Regulatory Commission, the US Federal Reserve, the US Securities and Exchange Commission and other relevant financial regulatory authorities, the PBOC statement added.

On Wednesday, the US Department of the Treasury said that it also “frankly raised areas of disagreement” during the two-hour virtual meeting.