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According to the official website of the People's Bank of China, the China-US Financial Working Group held its fifth meeting in Shanghai from August 15 to 16, 2024. The meeting was co-chaired by Xuan Changneng, Deputy Governor of the People's Bank of China, and Naiman, Assistant Secretary of the US Treasury. The State Financial Supervision and Administration Bureau, China Securities Regulatory Commission, as well as the Federal Reserve, the US Securities and Exchange Commission and other departments attended the meeting.

The two sides had professional, pragmatic, candid and constructive communication on the overall deployment of the Third Plenary Session of the 20th Central Committee of the Communist Party of China on further deepening reform in an all-round way, the economic and financial situation and monetary policy of China and the United States, financial stability and supervision, securities and capital markets, cross-border payments and data, international financial governance, financial technology, sustainable finance, anti-money laundering and counter-terrorist financing, and other financial policy issues of concern to both sides. The meeting heard reports from the technical expert group, including the resolution mechanism of each country's global systemically important banks (G-SIBs), the operational resilience of financial institutions, climate risk stress testing, and cross-border delivery of financial services supervision. The two sides also held the first roundtable meeting of financial institutions under the framework of the China-US Financial Working Group. The participating Chinese and American financial institutions focused on sustainable finance, shared their experiences and practices, and exchanged views on potential cooperation opportunities.

During the meeting, the People's Bank of China and the U.S. Treasury Department signed an exchange of notes on strengthening China-U.S. financial stability cooperation under the framework of the China-U.S. Financial Working Group and exchanged lists of financial stability contacts, aiming to enable the financial management departments of both sides to maintain timely and smooth communication channels and reduce uncertainty when financial stress events and financial institutions' operational risks occur. The People's Bank of China also raised concerns about relevant issues to the U.S. Treasury Department. Both sides agreed to continue to maintain communication.

Editor: Deng Shuhong