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12/16/2024 READOUT: Seventh Meeting of the Financial Working Group Between the United States and the People’s Republic of … An o icial website of the United States government Here’s how you know READOUT: Seventh Meeting of the Financial Working Group Between the United States and the People’s Republic of China December 16, 2024 NANJING – The United States and the Peopleʼs 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 Peopleʼs 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 Chinaʼs recent stimulus measures, crossborder data regulations, issues related to the International Monetary Fund, cross-border payments, and swap arrangement practices. The Joint Treasury-Peopleʼs 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, Treasuryʼs Federal Insurance O ice and Chinaʼs 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 Chinaʼs regulatory structure. The FWG is a channel to help responsibly manage the U.S.-China bilateral relationship and strengthen e orts to preserve domestic and global financial stability. ### https://home.treasury.gov/news/press-releases/jy2750 1/1