The sixth meeting of the China-U.S. Financial Working Group took place in Washington D.C. on October 31, 2024, co-chaired by PBOC Deputy Governor Xuan Changneng and U.S. Treasury Assistant Secretary Brent Neiman. The discussions focused on macroeconomic developments, financial policy, stability, regulation, and anti-money laundering efforts. During the meeting, the People's Bank of China (PBOC) introduced new financial policies aimed at supporting economic growth, including an initial quota of 800 billion yuan (approximately $112.3 billion) for new facilities [ba11837b]. U.S. Treasury Secretary Janet Yellen also met with the Chinese delegation, highlighting the importance of ongoing dialogue between the two nations regarding financial issues [1e914678].
Earlier, Pan Gongsheng, the governor of the PBOC, had met with U.S. Federal Reserve Chair Jerome Powell in Washington during the IMF Annual Meetings. This meeting provided a platform for both parties to exchange views on economic developments, monetary policy, and financial stability, further emphasizing the significance of the China-U.S. economic relationship [7cb1e7f5].
Pan Gongsheng's participation in the IMF Annual Meetings showcased China's growing influence in the global economic landscape. His insights into China's economic outlook and policy priorities were highly sought after by global economic leaders, indicating China's commitment to engaging with the international community [a25ae8b4].
The recent talks between China and the U.S. reflect a broader trend of increasing cooperation in financial matters, which is crucial for both nations as they navigate complex economic challenges. The discussions at the Financial Working Group meeting are expected to contribute to strengthening economic ties and fostering mutual understanding. Experts view the meeting as a positive signal for bilateral financial cooperation, despite concerns raised about U.S. tariffs and sanctions [ba11837b].
In a related development, Chinese Ambassador to Zimbabwe Zhou Ding visited Dr. John Mushayavanhu, the Governor of the Reserve Bank of Zimbabwe (RBZ), to discuss Zimbabwe’s macroeconomic situation and the introduction of the new currency, the ZiG. Ambassador Zhou expressed support for Zimbabwe’s monetary policies and emphasized the importance of bilateral and economic cooperation between China and Zimbabwe. They also discussed plans for a high-speed train and Zimbabwe's efforts to join the BRICS group, underscoring the deepening economic ties between China and Zimbabwe [0658cf3b].