August 20, 2024

The US and China’s agreement to name point people to handle future “financial stress events” in the world’s two biggest economies and beyond could hardly be better timed.

This dialogue framework is the most notable deliverable from last week’s meeting of the Financial Working Group created last year following US Treasury Secretary Janet Yellen’s 2023 China visit.

The idea, according to the People’s Bank of China, is to facilitate “professional, pragmatic, candid and constructive” bilateral discussions on capital markets, cross-border payments and monetary policy trends.

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