China-US financial working group holds fifth meeting

The China-US financial working group held its fifth meeting in Shanghai on Thursday and Friday, discussing a range of issues related to the two countries’ financial policies, according to China’s central bank.

Xuan Changneng, vice governor of the People’s Bank of China (PBOC), and Brent Neiman, deputy assistant secretary for international finance at the U.S. Treasury Department, co-chaired the meeting. Representatives from the China National Financial Regulatory Administration, the China Securities Regulatory Commission, the U.S. Federal Reserve and the U.S. Securities and Exchange Commission attended the meeting, according to a statement released by the PBOC on Monday.

The two sides had professional, pragmatic, frank and constructive communication on a range of financial policy topics of mutual interest, including the broader strategy of further deepening comprehensive reform, as discussed at the third plenary session of the 20th Communist Party of China Central Committee, the central bank said.

During the meeting, the PBOC and the U.S. Department of the Treasury signed an exchange of letters to enhance cooperation on financial stability. They also exchanged lists of financial stability contacts to ensure timely and unobstructed communication between their financial regulatory authorities during incidents of financial stress and operational risks of financial institutions.