In a key meeting in Washington, US Treasury Secretary Janet Yellen and China’s Deputy Central Bank Governor Xuan Chengneng discussed strengthening coordination on financial monitoring and anti-money laundering. This session, held alongside the annual World Bank and IMF meetings, continues the dialogue of a bilateral economic working group.
These talks follow Yellen’s previous discussion with China’s Vice-Minister of Finance, Liao Min, where they reviewed China’s recent economic stimulus strategies aimed at post-pandemic recovery and other significant macroeconomic considerations.
The Treasury statement from Thursday highlighted that Yellen, along with Assistant Secretary Brent Neiman, and Xuan engaged in discussions to bolster macroeconomic data reporting, foster communication during banking stress, and address climate and insurance risks. Additionally, the US-China Anti-Money Laundering Exchange held its third session, where both countries raised critical concerns.
The People’s Bank of China shared details on their recent monetary policies, such as the 500 billion yuan swap initiative announced on October 21, enabling brokerages, fund companies, and insurers to gain liquidity through asset collateralization for stock market support—a move aimed at boosting investor confidence.
Discussions further covered financial policies, economic stability, regulatory frameworks, capital markets, and countermeasures against terrorist financing. According to the Chinese delegation, these discussions were “professional, pragmatic, candid, and constructive.”
China’s legislative body is actively revising its Anti-Money Laundering Law to address new financial technologies like cryptocurrency. Amendments from the Supreme People’s Court and Procuratorate include emerging digital channels such as cryptocurrencies, online game currencies, and live-stream tipping as potential money laundering risks.
