U.S., China agree to work more closely in times of financial stress

NEW YORK -- The U.S. and China agreed to strengthen financial stability and maintain open channels of communication and coordination in times of "financial stress," according to readouts from the fifth meeting of their Financial Working Group.

Senior officials from the U.S. Treasury Department and the People's Bank of China, including Assistant Secretary for International Finance Brent Neiman and Deputy Gov. Xuan Changneng, met in Shanghai on Thursday and Friday to also discuss capital markets issues, cross-border payments and financial stability.