On January 26, 2023, a bank employee counted RMB banknotes next to US dollar banknotes at Kasikornbank in Bangkok, Thailand.
Athit Perawongmetha | Athit Perawongmetha Reuters
BEIJING – The United States and China signed an agreement last week financial stability cooperationaccording to a People’s Bank of China Read out on Monday.
The agreement is part of a U.S.-China financial working group meeting in Shanghai on Thursday and Friday. Brent Neyman, U.S. Treasury Undersecretary for International Financial Affairs, and Xuan Changneng, Vice Governor of the People’s Bank of China, co-lead the working group.
The notice from the People’s Bank of China said the two sides also exchanged lists of contact persons in the event of financial stress or risk events. As of early Monday afternoon Beijing time, Treasury data had not yet been released.
Representatives of the Federal Reserve and the U.S. Securities and Exchange Commission, State Financial Supervision and Administration Bureau The People’s Bank of China said the China Securities Regulatory Commission also attended the meeting.
The readout described the dialogue as “professional, pragmatic, candid and constructive,” according to a CNBC translation of the Chinese statement. Sources from the People’s Bank of China said the topics discussed included capital markets, cross-border payments and monetary policies of both countries, especially in the context of China’s recently concluded Third Plenary Session of the Central Committee of the Communist Party of China.
Technical experts report on operational resilience and climate risk stress tests for systemically important global banks and financial institutions in various countries.
Chinese government bond market Increased volatility Earlier this month, there was a report about intervention by the People’s Bank of China. Central Bank Governor Pan Gongsheng said on Thursday through state media China’s financial risks have declined, including local government debt risks.
The People’s Bank of China said that last week, financial institutions from the United States and China also held their first roundtable meeting under the framework of the working group, but did not disclose the specific name. Institutions shared potential collaboration opportunities and discussed how finance can contribute to continued growth.
U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng An economic and financial working group will be established in September 2023 Through the agreement, Treasury officials will hold regular vice-ministerial meetings with the Ministry of Finance and the People’s Bank of China respectively.
