At a two-day meeting in Shanghai last week, senior Chinese and U.S. finance officials agreed to communicate in a timely manner during times of financial stress to reduce uncertainty.
The People’s Bank of China announced on Monday that the Fifth Financial Working Group held “professional, pragmatic, frank and constructive” consultations on Thursday and Friday.
The central bank said the two countries will engage in financial stability cooperation, with the aim of “enabling financial management departments on both sides to maintain timely and smooth communication channels” when financial institutions face operational risks and financial crises. He said they had signed an agreement to “strengthen” and exchanged contact lists. When financial stress occurs.
The working group was co-chaired by Central Bank Deputy Governor Xuan Changnen and U.S. Treasury Department Assistant Secretary for International Finance Brent Neiman.
In a post on the social media site X, officially known as Twitter, on Saturday, Neiman confirmed that he had “just returned from the 5th meeting of the US-China Financial Working Group in Shanghai.”
