US and China bolster collaboration on financial stability
PBoC and Treasury strengthen communication channels for managing periods of stress
The US Treasury Department and the People’s Bank of China (PBoC) have signed an agreement to strengthen communication in times of financial stress.
The PBoC said in a statement that the two parties signed the deal during the fifth meeting of the China-US Financial Working Group (FWG), held on August 15–16 in Shanghai.
Under the agreement, the PBoC and the Treasury exchanged “a list of contact persons” responsible for financial stability. The bank said the move was aimed at enabling financial
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