China US Photo:VCG

The China-US Financial Working Group held its sixth meeting in Washington D.C. on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group in October 2024, according to a statement issued by the People's Bank of China (PBC) on Thursday.

The meeting was co-chaired by Deputy Governor Xuan Changneng of the PBC and Assistant Secretary Brent Neiman of the US Department of the Treasury, with relevant financial regulators from the both sides participating, according to the statement.

The two sides had professional, pragmatic, candid and constructive discussions on topics ranging from macroeconomic and financial developments, monetary and financial policy, financial stability, financial regulation and supervision, capital market, to anti-money laundering and countering the financing of terrorism. They also exchanged views on other financial policy topics, according to the statement.

The PBC introduced the recent package of financial policies to support robust economic growth, including the two PBC facilities, namely the Securities, Funds, and Insurance Companies Swap Facility and the Central Bank Lending Facility for Share Buybacks and Shareholding Increases, to support stable development of the capital market. The Chinese side raised issues of concern to the US side, according to the statement.

The two sides were briefed on the previous technical exercises, including Balance of Payments compilation, strengthening communication in the event of banking stress, and climate and insurance risk. They also exchanged views on how to strengthen cooperation on regulation and supervision on cross-border financial services, said the statement.

US Treasury Secretary Jenet Yellen met with the Chinese delegation, said the statement.

Global Times