China-U.S. financial working group holds fifth meeting

China-U.S. financial working group holds fifth meeting in Shanghai from Thursday to Friday discussing financial policies.

The China-U.S. financial working group held its fifth meeting in Shanghai from Thursday to Friday, where they discussed various financial policies, as reported by China’s central bank.

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. Treasury, the meeting also 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, according to the PBOC’s statement on Monday.

The discussions focused on professional, pragmatic, and constructive exchanges on a wide array of financial topics of mutual interest. These included deeper reform strategies from the third plenary session of the 20th Central Committee of the Communist Party of China, along with economic and financial conditions, monetary policies, financial stability, regulation, securities, capital markets, cross-border payments, data management, international financial governance, financial technology, sustainable finance, as well as anti-money laundering and counter-terrorism financing.

Technical experts presented reports on topics such as global systemically important banks’ disposal mechanisms, operational resilience in financial institutions, climate risk stress testing, and oversight of cross-border financial services.

Additionally, the first roundtable under the China-U.S. financial working group took place, with participants from financial institutions discussing sustainable finance, sharing experiences, and exploring potential cooperation.

During the meeting, the PBOC and the U.S. Treasury exchanged letters to bolster cooperation on financial stability and exchanged contacts for maintaining timely communication during financial crises or operational risks, aiming to reduce uncertainties.

Both sides agreed to continue their communication.