China-U.S. financial working group holds sixth meeting as both parties engaged in constructive communication.
The sixth meeting of the China-U.S. financial working group took place in Washington, D.C., as announced by China’s central bank on Thursday.
The meeting was co-chaired by Xuan Changneng, deputy governor of the People’s Bank of China (PBOC), and Brent Neiman, deputy under secretary for international finance at the U.S. Department of the Treasury.
As stated in a PBOC release, both parties engaged in “professional, pragmatic, candid, and constructive communication” regarding various financial policy issues of shared interest. Topics discussed included the macroeconomic and financial conditions in both countries, monetary and financial policies, financial stability and regulation, capital markets, and measures against money laundering and terrorism financing.
The Chinese delegation provided an overview of a series of measures introduced by Chinese financial regulators aimed at promoting stable economic growth and raised concerns about certain issues with the U.S. side.
During the meeting, attendees listened to presentations from experts in both countries covering topics such as balance of payments, crisis communication for global systemically important banks (G-SIBs), and risks associated with climate change and the insurance industry.
Both sides also discussed ways to improve cooperation regarding the oversight of cross-border financial services, according to the PBOC statement. Additionally, U.S. Treasury Secretary Janet Yellen held a meeting with the Chinese delegation.
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