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China’s central bank said it reached an agreement with the U.S. Treasury at a meeting in Shanghai to appoint a contact person to deal with any future “financial stress events”, a rare example of the world’s two largest economies seeking a common basis for cooperation.
The two countries also “exchanged lists of financial stability contacts” at the fifth meeting of the so-called Financial Working Group, established after Treasury Secretary Janet Yellen’s visit to China last year.
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According to the People’s Bank of China’s August 15-16 meeting, “the People’s Bank of China and the U.S. Treasury signed an exchange of notes on strengthening U.S.-China financial stability cooperation.” He said the two countries also “exchanged lists of financial stability contacts.”
The talks were the first between senior U.S. and Chinese economic officials since Beijing’s leaders laid out long-term priorities in a once-a-decade secretive meeting last month.
The Shanghai meeting plans to focus on topics such as macroeconomic and financial stability, IMF governance and capital market issues, a Finance Ministry spokesman said in comments ahead of the meeting.
These agreements “will enable the financial management departments of both parties to maintain timely and unimpeded communication channels when financial stress events and operational risks of financial institutions occur, thereby reducing uncertainty.”
The statement said financial institutions took part in the meeting for the first time, but did not name them. Discussions covered sustainable finance and areas of possible cooperation.
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