China and U.S. Convene for Fifth Session of Economic and Financial Working Groups
According to China's central bank, the China-U.S. financial working group convened for its fifth meeting in Shanghai on Thursday and Friday, addressing various topics concerning the financial policies of both nations.
TroibNews 
The financial working group between China and the U.S. convened for its fifth meeting in Shanghai on Thursday and Friday, where a variety of issues concerning the financial policies of both nations were highlighted, according to China's central bank.
Co-chaired by Xuan Changneng, the deputy governor of the People's Bank of China (PBOC), and Brent Neiman, the deputy under secretary for international finance at the U.S. Department of the Treasury, the meeting included representatives from key financial regulatory bodies such as China's National Financial Regulatory Administration, China Securities Regulatory Commission, the U.S. Federal Reserve, and the U.S. Securities and Exchange Commission. This information was detailed in a statement from the PBOC released on Monday.
The discussions were characterized by "professional, pragmatic, candid and constructive communication" on several financial policy topics of mutual importance. Among these was the overarching strategy of deepening comprehensive reforms as outlined during the third plenary session of the 20th Central Committee of the Communist Party of China.
Additionally, the dialogue addressed the economic and financial landscape, including monetary policies, financial stability and regulation, as well as cross-border payments and data. Other focal points were international financial governance, financial technology, sustainable finance, and anti-money laundering and counter-terrorism financing.
A group of technical experts also presented a report touching on various subjects such as disposal mechanisms for global systemically important banks, the operational resilience of financial institutions, climate risk stress testing, and the supervision of cross-border financial services.
In a notable development, Chinese and U.S. financial institutions held their inaugural roundtable under the framework of the China-U.S. financial working group. This meeting concentrated on sustainable finance, where participants shared insights and experiences, while also discussing potential collaboration opportunities.
The PBOC and the U.S. Department of the Treasury furthered their collaboration by signing an exchange of letters aimed at enhancing cooperation on financial stability. They exchanged lists of financial stability contacts to ensure effective and prompt communication between their financial regulatory authorities during times of financial stress and operational risks, which is intended to minimize uncertainty.
The central bank confirmed that both parties have agreed to continue their communication efforts.
(Cover via CFP)
Ian Smith contributed to this report for TROIB News
Co-chaired by Xuan Changneng, the deputy governor of the People's Bank of China (PBOC), and Brent Neiman, the deputy under secretary for international finance at the U.S. Department of the Treasury, the meeting included representatives from key financial regulatory bodies such as China's National Financial Regulatory Administration, China Securities Regulatory Commission, the U.S. Federal Reserve, and the U.S. Securities and Exchange Commission. This information was detailed in a statement from the PBOC released on Monday.
The discussions were characterized by "professional, pragmatic, candid and constructive communication" on several financial policy topics of mutual importance. Among these was the overarching strategy of deepening comprehensive reforms as outlined during the third plenary session of the 20th Central Committee of the Communist Party of China.
Additionally, the dialogue addressed the economic and financial landscape, including monetary policies, financial stability and regulation, as well as cross-border payments and data. Other focal points were international financial governance, financial technology, sustainable finance, and anti-money laundering and counter-terrorism financing.
A group of technical experts also presented a report touching on various subjects such as disposal mechanisms for global systemically important banks, the operational resilience of financial institutions, climate risk stress testing, and the supervision of cross-border financial services.
In a notable development, Chinese and U.S. financial institutions held their inaugural roundtable under the framework of the China-U.S. financial working group. This meeting concentrated on sustainable finance, where participants shared insights and experiences, while also discussing potential collaboration opportunities.
The PBOC and the U.S. Department of the Treasury furthered their collaboration by signing an exchange of letters aimed at enhancing cooperation on financial stability. They exchanged lists of financial stability contacts to ensure effective and prompt communication between their financial regulatory authorities during times of financial stress and operational risks, which is intended to minimize uncertainty.
The central bank confirmed that both parties have agreed to continue their communication efforts.
(Cover via CFP)
Ian Smith contributed to this report for TROIB News
