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[Global Times reporter Chen Zishuai] According to Bloomberg on the 12th, the China-US Financial Working Group will hold a meeting in Shanghai from August 15 to 16. This is the fifth meeting of the working group since its establishment in September last year. A spokesman for the US Treasury Department said that this meeting will focus on macroeconomics, financial stability, IMF governance and capital market issues.

China and the United States agreed to establish an economic working group in September 2023, including an "economic working group" and a "financial working group". The "financial working group" is led by deputy ministerial officials from the People's Bank of China and the U.S. Treasury Department. The two working groups will hold regular and irregular meetings to strengthen communication and exchanges on issues related to the economy and finance.

according to"The New York TimesThe US delegation is led by Brent Naiman, assistant secretary of the Treasury for international finance, and includes officials from the Federal Reserve and the Securities and Exchange Commission. They are expected to meet with Xuan Changneng, deputy governor of the People's Bank of China, and other senior Chinese officials.

Before leaving, Naiman said they intended to discuss financial stability issues, topics related to cross-border data, loans and payments, and specific measures that both sides could take to improve communication when financial pressure arises at this financial working group meeting.

Bloomberg revealed that the agenda of this week's meeting also includes currency swap arrangements with the People's Bank of China. The report said that in the past period of time, the People's Bank of China and other emerging and developed market countries have reached a series of currency swap agreements to promote the internationalization of the RMB. The Federal Reserve also has some currency swap arrangements, but has not signed them with China.

Bank of ChinaLiao Shuping, a senior researcher at the institute, told the Global Times on the 13th that the establishment of currency swap arrangements between central banks is mainly to play the role of "lender of last resort" during crises and prevent liquidity risks.

The Global Times reporter noted that many foreign media outlets, when reporting on the meeting, emphasized the differences and trade tensions that China and the United States are currently facing. The New York Times said that although communication between China and the United States has improved over the past year, economic relations between the two countries remain tense due to differences in industrial policies and China's dominance in the field of green energy technology. In May this year, the Biden administration began to impose new tariffs on a range of Chinese imports, including electric vehicles, solar cells, semiconductors, etc. The United States also restricted its investment in certain Chinese industries in the name of so-called threats to national security.

At the same time, foreign media believe that the upcoming fifth meeting of the China-US Financial Working Group is one of the efforts of the two countries to strengthen communication. The New York Times said that financial regulators from China and the United States have been conducting financial shock exercises this year to prepare for possible impacts.International BanksWhen there is a crisis that threatens the stability of the insurance system, such as a cyber attack or a climate disaster, the two sides can coordinate their response.

US media said that senior US officials visited China this week to seek to maintain stable relations between the world's two largest economies amid escalating trade tensions.

Liang Huaixin, a researcher at the Institute of National Security and Governance of the University of International Business and Economics, told a Global Times reporter on the 13th that the China-US Financial Working Group meeting is a specific working mechanism organized to implement the important consensus reached by the leaders of China and the United States in Bali, and has been held four times so far. The topic of financial stability that may be discussed at the upcoming fifth meeting has attracted attention. The main reason behind this is that, in the context of the relatively weak overall situation of global economic development at this stage, ensuring global financial stability is crucial to maintaining the interests of all parties. However, it should be made clear that the United States has recently hyped up the so-called problem of China's overcapacity and launched attacks on new energy vehicles and other areas; on the other hand, it is brewing a substantial interest rate cut, which has led to serious fluctuations in global financial markets.

Liang Huaixin said that the US side mentioned that it would explore specific measures to improve communication when financial pressures arise, which is very critical, but fundamentally depends on the attitude of the US side. "If the US side is willing, it can fully accept China on a larger scale and play a constructive role in global financial stability. This is an inevitable trend and an important solution to overcome the lack of stability in the global financial system under the US's exclusive governance structure."