The United States and the People's Republic of China convened for the seventh meeting of the Financial Working Group (FWG) in Nanjing on December 15-16. The session was co-led by Brent Neiman, U.S. Assistant Secretary for International Finance at the U.S. Treasury, and Xuan Changneng, Deputy Governor of the People’s Bank of China.

During the meeting, participants received readouts on recent technical exercises and discussed potential discrepancies in international macroeconomic data. The agenda included China's recent stimulus measures, cross-border data regulations, issues related to the International Monetary Fund, cross-border payments, and swap arrangement practices. Additionally, the Joint Treasury-People’s Bank of China Cooperation and Exchange on Anti-Money Laundering (AML) met in person for the fourth time to discuss topics related to illicit finance. Several concerns were raised by Treasury.

A memorandum of understanding (MOU) was signed between Treasury's Federal Insurance Office and China's National Financial Regulatory Agency concerning information-sharing and other mutual interests in the insurance sector. This MOU updates existing arrangements to align with changes in China's regulatory structure.

The FWG serves as a channel to responsibly manage U.S.-China bilateral relations and strengthen efforts to maintain domestic and global financial stability.