China's National Financial Regulatory Administration and the US Treasury's Federal Insurance Office have 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 China's regulatory structure.
This was an outcome of the seventh meeting of the China-US Financial Working Group (FWG). The meeting, held in Nanjing, Jiangsu province, on 16-17 December, was co-chaired by Mr Xuan Changneng, deputy governor of the People's Bank of China (PBOC) and Brent Neiman, assistant secretary for international finance at the US Department of the Treasury.
Financial regulators from both sides had "professional, pragmatic, candid and constructive discussions" during the meeting, a statement by the PBOC said.
The topics discussed covered China's economic work plan for next year, macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial governance, securities and capital markets, cross-border payments and data regulations, anti-moneylaundering, countering the financing of terrorism and potential discrepancies in international macroeconomic data.
The two sides were briefed on previous technical exercises, including balance of payments compilation and climate modelling.
Since its establishment, the financial working group has facilitated professional and pragmatic communications between the two sides, the PBOC said, contributing to a stable China-US relationship and helping preserve international financial stability.