China-US financial working group holds 7th meeting

The China-US financial working group held its seventh meeting in Nanjing, capital of east China’s Jiangsu Province, from December 15 to 16, China’s central bank announced on Tuesday.

The meeting was co-chaired by Xuan Changneng, deputy governor of the People’s Bank of China (PBOC), and Brent Neiman, assistant secretary for international finance at the US Department of the Treasury.

Financial regulators, including the National Financial Regulatory Administration and the China Securities Regulatory Commission from the Chinese side, and the Federal Reserve, as well as the Securities and Exchange Commission from the US side, took part in the meeting, according to a PBOC statement.

The two sides had professional, pragmatic, candid and constructive discussions on topics ranging from macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial institutions, and the capital market, to anti-money laundering and countering the financing of terrorism, the statement said. They also exchanged views on other financial policy topics.

The two sides were briefed on the previous technical exercises, including balance of payments compilation and climate modeling, according to the statement.

During the meeting, China’s National Financial Regulatory Administration and the US Federal Insurance Office updated a memorandum of understanding on facilitating communication and cooperation relating to the insurance sector.