READOUT: Fifth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

BEIJING – The United States and the People’s Republic of China held the fifth meeting of the Financial Working Group (FWG) in Shanghai on August 15-16.Senior officials from the U.S. Department of the Treasury and the People’s Bank of China led the two-day meeting, with participation from other agencies. The meetings began with a review of outcomes from technical exchanges held bilaterally in June and July on central bank climate scenario testing, financial sector operational resilience, cross-border supply of financial services, and hypothetical Global Systemically Important Banks (G-SIBs) resolution. The Joint Treasury-People’s Bank of China Cooperation and Exchange on Anti-Money Laundering (AML) met in-person for the second time since U.S. Secretary of the Treasury Janet L.