China-US financial group meets in Washington

Chinese and US officials have exchanged views on monetary policy and financial stability at a time when uncertainties surrounding the timing of the US Federal Reserve’s rate cuts cast a shadow on global financial markets.

The China-US Financial Working Group held its fourth meeting co-chaired by Xuan Changneng, deputy governor of the People’s Bank of China, and Brent Neiman, assistant secretary of the US Department of the Treasury, in Washington on Tuesday, the PBOC said on Wednesday.

The two sides held “professional, pragmatic, candid and constructive” discussions on such topics as the two countries’ monetary policy and financial stability, financial supervision cooperation, institutional arrangements in financial markets, cross-border payment and data, sustainable finance, anti-money laundering, countering the financing of terrorism and financial infrastructure, the PBOC said.

Chinese officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission and US officials from the Fed, the US Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Deposit Insurance Corp attended the meeting.

The officials were briefed by technical expert groups on the financial regulatory frameworks in the two countries. The two sides agreed to continue to maintain communication.