China’s central bank and the US Treasury agreed to establish direct contacts for managing future financial stress events, marking a step towards cooperation between the world’s two largest economies. The agreement, facilitated by the Financial Working Group formed after Treasury Secretary Janet Yellen’s visit to China last year, includes exchanging lists of key contacts to enhance coordination during financial crises. This initiative aims to improve information sharing and reduce uncertainty in crisis management. The talks also covered macroeconomic stability, governance of international financial institutions, and capital markets, with financial firms participating for the first time to discuss sustainable finance and cooperation opportunities.