US, Chinese Financial Working Group convenes to address economic stability, sustainable finance

By Ovunc Kutlu

ISTANBUL (AA) - Officials from the United States and China convened for the fifth meeting of the Financial Working Group in Shanghai on Aug. 15-16, according to a statement from the US Treasury Department.

The discussions focused on key issues including macroeconomic stability, financial stability, and capital markets. Additional topics covered were international financial institutions, cross-border payments and data, and sustainable finance.

Private sector representatives from both countries also participated in discussions on climate financing, transition planning, and carbon markets.

The meeting included talks between the US Treasury Department and the People's Bank of China regarding coordination during financial stress periods and improving information sharing.

The Financial Working Group was established by US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng in September 2023.