China, US Team Up on Contact Group to Handle 'Financial Stress'.

China's central bank and the US Treasury have agreed to appoint contact people to handle future "financial stress events," marking a rare instance of collaboration between the two largest economies. The agreement was reached during the fifth meeting of the Financial Working Group, which was established after US Treasury Secretary Janet Yellen's visit to China last year. The talks covered topics such as macroeconomic and financial stability, governance of the International Monetary Fund, and capital markets issues. This meeting also included the participation of financial institutions and discussions on sustainable finance and potential areas of cooperation. [Extracted from the article]