China and the USA created a contact group to overcome financial stressful situations.

China and the USA have agreed to create a contact group to overcome financial stressful situations and prevent operational risks for their financial institutions. Results were achieved at the fifth meeting of the Financial Working Group, held in Shanghai under the chairmanship of representatives from the People's Bank of China and the US Department of the Treasury.

The National Bank of China reported that they agreed to cooperate on financial stability issues and exchanged contacts to ensure smooth communication between the financial regulators of both countries. This will reduce uncertainty in the event of financial crises and risks to financial institutions.

Discussions at the meeting

The working group meeting also included discussions on the economic and financial situation, monetary policy, securities and capital markets, international financial management, and many other issues.

This intergovernmental Financial Working Group was created at the initiative of the US administration, which seeks to improve relations with China. Such meetings are one of the mechanisms for cooperation between the world's two largest economies.

Source: Ukrinform