U.S., China sign agreement to cooperate on financial stability

The U.S. and China signed agreements for cooperating on financial stability during a meeting in Shanghai. The discussions included topics such as capital markets, cross-border payments, and monetary policy. Technical experts reported on global banks, financial institutions’ resilience, and climate risk stress testing. The two sides also exchanged a list of contacts for potential financial stress or risk events. U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng launched the working groups in September 2023. Last week, U.S. and Chinese financial institutions met to discuss cooperation opportunities and sustained growth.