China, US to Set Up Contact Group for Cases of Financial Stress
- Two sides shared names of contacts during Shanghai meeting
- US-China financial working group held its fifth gathering
Janet Yellen in China.
Photographer: Pedro Pardo/AFP/Getty Images
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China’s central bank said a meeting in Shanghai produced an agreement with the US Treasury to appoint contact people to deal with any future “financial stress events,” a rare example of the world’s two biggest economies seeking common ground.
The two sides also “exchanged lists of financial stability contacts” during the fifth meeting of the so-called Financial Working Group that was set up following Treasury Secretary Janet Yellen’s visit to China last year.