People’s Bank of China convenes first UK-China Financial Working Group meeting and agrees practical cooperation outcomes

The People’s Bank of China published a readout of the first meeting of the UK-China Financial Working Group in Beijing, reporting that Chinese and UK financial authorities reached a number of practical cooperation outcomes following discussions across macroeconomic conditions and financial stability, financial supervision, market development and connectivity, and cooperation on anti-money laundering and anti-counterfeit currency efforts. The meeting was co-chaired by People’s Bank of China Governor Pan Gongsheng and UK Treasury Secretary of State for Economy Lucy Rigby, with participation from China’s Ministry of Finance, State Financial Regulatory Administration, China Securities Regulatory Commission and State Administration of Foreign Exchange, and from the UK Treasury, the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority. As a supporting event, authorities also held a roundtable with major financial institutions from both countries and responded to industry suggestions on market development, cooperation opportunities and financial innovation. The working group, established in May 2025 as an institutionalised platform for regular policy communication and coordination, will report the meeting’s situation and results to the leaders of the China-UK Economic and Financial Dialogue.