China-U.S. Financial Working Group Holds Fifth Meeting

During the meeting, the People's Bank of China (PBOC) and the U.S. Department of the Treasury signed a memorandum under the China-U.S. Financial Working Group framework. They exchanged lists of financial stability contacts to ensure timely and smooth communication between their financial regulatory departments in the event of financial stress or operational risks, aiming to reduce uncertainty. The PBOC also raised concerns with the U.S. Treasury Department on certain issues. Both parties agreed to continue their dialogue.

Notably, the working group announced two achievements in strengthening China-U.S. financial stability cooperation, marking the first such accomplishments since the group's establishment.