US-China financial working group seek to ‘strengthen’ cooperation in times of stress
Financial Working Group met in Shanghai last week, with officials from China and US discussing a wide range of issues over two days
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.
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 formerly known as Twitter, Neiman confirmed he was “Just back from the 5th meeting of the US-China Financial Working Group in Shanghai”.