The China-U.S. financial working group holds its fifth meeting, with the central bank and the U.S. Department of Treasury signing a memorandum of understanding on enhancing cooperation in financial stability between China and the United States.

On August 19, according to the website of the central bank, the China-US Financial Working Group held its fifth meeting in Shanghai on August 15-16. During the meeting, the People's Bank of China and the US Department of Treasury signed a memorandum to strengthen cooperation in financial stability within the framework of the China-US Financial Working Group. They exchanged lists of financial stability contacts, aiming to maintain timely and smooth communication channels between the financial regulatory authorities of both sides in case of financial pressure events and operational risks of financial institutions, reducing uncertainty. The People's Bank of China also raised concerns with the US Department of Treasury on relevant issues. Both sides agreed to continue communication. The full text is as follows: China-US Financial Working Group Holds Fifth Meeting On August 15-16, 2024, the China-US Financial Working Group held its fifth meeting in Shanghai. The meeting was co-chaired by the Vice Governor of the People's Bank of China, Xuan Changneng, and the Assistant Secretary of the US Department of Treasury, Neiman. Representatives from the China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, as well as the Federal Reserve and US Securities and Exchange Commission attended the meeting. Both sides engaged in professional, pragmatic, candid, and constructive communication on a range of financial policy topics related to the overall deployment of further comprehensive deepening reforms of the 3rd Plenary Session of the 20th Central Committee of the Communist Party of China, China-US economic and financial situation and monetary policy, financial stability and regulation, securities and capital markets, cross-border payments and data, international financial governance, financial technology, sustainable finance, anti-money laundering and counter-terrorism financing, and other key issues of mutual concern. The meeting received reports from technical expert groups on topics like resolution mechanisms of Global Systemically Important Banks (G-SIBs), operational resilience of financial institutions, climate risk stress tests, and regulations on cross-border delivery of financial services. Both sides also held the first financial institutions roundtable under the framework of the China-US Financial Working Group, focusing on sustainable finance and sharing experiences and practices, as well as exchanging views on potential cooperation opportunities. During the meeting, the People's Bank of China and the US Department of Treasury signed a memorandum to strengthen cooperation in financial stability within the framework of the China-US Financial Working Group, exchanging lists of financial stability contacts, aiming to maintain timely and smooth communication channels between the financial regulatory authorities of both sides in case of financial pressure events and operational risks of financial institutions, reducing uncertainty. The People's Bank of China also raised concerns with the US Department of Treasury on relevant issues. Both sides agreed to continue communication. This article is compiled from the "People's Bank of China"; GMTEight editor: Huang Xiaodong.