China-U.S. join hands to ensure financial stability

(ECNS)-The world’s two biggest economies have agreed to further strengthen cooperation to maintain financial stability amid intensified fluctuations in the global financial markets.

The China-U.S. Financial Working Group held its fifth meeting from Thursday to Friday in Shanghai, co-chaired by Xuan Changneng, deputy governor of the People’s Bank of China, and Brent Neiman, assistant secretary of the U.S. Department of the Treasury, the PBOC said on Monday.

During the meeting, the PBOC and the U.S. Treasury signed documents on strengthening China-U.S. cooperation on financial stability under the framework of the working group — established in September to hold regular and ad-hoc meetings to strengthen communication on financial topics.

The two sides also exchanged lists of financial stability liaison officers, aimed at ensuring timely, smooth communication between respective financial regulatory authorities in the events of financial pressure incidents and financial institution risks to mitigate uncertainties.

China and U.S. financial officials also made a “professional, pragmatic, candid and constructive” discussion on financial policy topics, the PBOC said, including China’s agenda on further comprehensively deepening reform, decided at the third plenary session of the 20th Central Committee of the Communist Party of China.

Other topics discussed included economic and financial situation, monetary policy, financial stability and regulation, securities and capital markets, cross-border payment and data, international financial governance, financial technology, sustainable finance, anti-money laundering and countering the financing of terrorism.

The PBOC also expressed concerns to the U.S. Treasury on relevant issues. The two sides agreed to maintain communication.