China and the United States sign financial stability cooperation agreement | Wilnesh News

BEIJING – The United States and China signed an agreement last week financial stability cooperationThat’s according to a news release from the People’s Bank of China on Monday.

The agreement is part of a U.S.-China financial working group meeting in Shanghai on Thursday and Friday. Brent Neyman, U.S. Treasury Undersecretary for International Financial Affairs, and Xuan Changneng, Vice Governor of the People’s Bank of China, co-lead the working group.

The two sides also exchanged lists of contact persons in the event of financial stress or risk events, the People’s Bank of China notification said. As of early Monday afternoon Beijing time, Treasury data had not yet been released.

The People’s Bank of China said representatives from the Federal Reserve, the U.S. Securities and Exchange Commission, the State Financial Supervision and Administration Bureau and the China Securities Regulatory Commission also attended the meeting.

The readout described the dialogue as “professional, pragmatic, candid and constructive,” according to a CNBC translation of the Chinese statement. Sources from the People’s Bank of China said the topics discussed included capital markets, cross-border payments and monetary policies of the two countries, especially in the context of China’s recently concluded Third Plenary Session of the Central Committee of the Communist Party of China.

Technical experts report on operational resilience and climate risk stress testing of systemically important global banks and financial institutions in various countries.

Volatility in the Chinese government bond market increased earlier this month amid reports of intervention by the country’s central bank. Central Bank Governor Pan Gongsheng said through state media on Thursday that China’s financial risks have declined, including local government debt risks.

The People’s Bank of China said that last week, financial institutions from the United States and China also held their first roundtable meeting under the framework of the working group, but did not disclose the specific name. Institutions shared potential collaboration opportunities and discussed how finance can contribute to continued growth.

U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng An economic and financial working group will be established in September 2023 Through the agreement, Treasury officials will hold regular vice-ministerial meetings with the Ministry of Finance and the People’s Bank of China respectively.