The US and China are enhancing their collaboration on financial stability, with plans for more simulations following a recent joint exercise on handling a major bank failure, US Treasury officials reported. At a meeting in China, US Treasury Secretary Janet Yellen warned Chinese banks of severe consequences for supporting Russia’s war efforts in Ukraine through transactions involving dual-use goods. These developments are part of ongoing efforts by a US-China financial group established last year to restore economic ties. Additionally, Yellen emphasised that the US would resist any market disruption by subsidised Chinese imports akin to past impacts on the US steel industry. Concurrently, China’s Commerce Minister Wang Wentao is in Europe addressing allegations of unfair subsidies in China’s EV sector, asserting that Chinese firms are competitive without government subsidies.