China, US hold new round of dialogue on financial issues

Delegations of China and USA The Chinese government and the Chinese government met last week in the eastern metropolis of Shanghai to hold the fifth meeting of the joint financial working group, the Chinese government said on Monday. People’s Bank of China (BPC, central bank) in a statement.

The document describes the meetings as “professional, pragmatic, frank and constructive” and indicates that both parties discussed issues such as the monetary policy of both countries, measures against money laundering and terrorist financing, the flow of data and cross-border payments or the resilience of financial institutions.

Before the trip, the American press had reported that the delegation from their country would also seek to discuss the fight against fentanyl, but the statement released today by the BPC makes no mention of that issue.

The meeting, which took place between Thursday and Friday of last week, was chaired on the Chinese side by PBOC Vice Governor Xuan Changneng, and on the US side by Undersecretary of the Treasury for International Finance, Brent Neiman, who headed the US delegation.

Also, officials from regulators in both countries and the Federal Reserve (Fed) The US government also attended the round of talks, which also hosted for the first time a framework for contact between financial institutions to explore possible opportunities for cooperation and share experiences on sustainable finance.

The PBOC and the US Treasury Department signed documents aimed at strengthening “channels for timely and fluid communication” on financial management and reducing uncertainties “when financial stress events and operational risks for financial institutions arise.”

While the statement only mentions that the PBOC “expressed its concerns on issues of interest” to the US envoys, the nationalist newspaper Global Times had indicated last week that Chinese officials would focus on the “growing economic and trade restrictions” imposed on the Asian country and on demanding that Washington “stop politicizing trade issues.”

Both sides agreed to maintain communication in the future, the document added, without offering further details on when the next round of talks would take place.

This working group was created in 2023 along with another dedicated to economic affairs, and is jointly supervised by Chinese Vice Premier He Lifeng and US Treasury Secretary, Janet Yellenwho visited the Asian country last April.