The United States and the People’s Republic of China held the seventh meeting of the Financial Working Group (FWG) in Nanjing on December 15-16. The meeting was co-led by Brent Neiman, U.S. Assistant Secretary for International Finance at U.S. Treasury, and Xuan Changneng, Deputy Governor of the People’s Bank of China.
The meeting started with the co-leads receiving readouts on recent technical exercises, including a discussion on potential discrepancies in international macroeconomic data. The FWG moved on to discussions of topics including China’s recent stimulus measures, cross-border data regulations, issues related to the International Monetary Fund, cross-border payments, and swap arrangement practices. The Joint Treasury-People’s Bank of China Cooperation and Exchange on Anti-Money Laundering (AML) also met in-person for the fourth time and discussed topics related to illicit finance. Treasury raised several issues of concern.
Building on a recent FWG technical exercise, Treasury’s Federal Insurance Office and China’s National Financial Regulatory Agency signed a memorandum of understanding (MOU) related to information-sharing and other areas of mutual interest in the insurance sector. The new MOU updates existing arrangements to reflect changes in China’s regulatory structure.
The FWG is a channel to help responsibly manage the U.S.-China bilateral relationship and strengthen efforts to preserve domestic and global financial stability.