The inaugural meeting of the China-UK Financial Working Group convened in Beijing, marking a significant step forward in structured financial cooperation between the two major economies.

Co-chaired by Pan Gongsheng, governor of the People’s Bank of China, and Lucy Rigby, Economic Secretary to Her Majesty’s Treasury, the session brought together senior officials and regulators from both countries to discuss shared priorities across financial stability, regulatory cooperation, market development, sustainable finance and operational resilience.

The establishment of the working group, which reports to the co-leads of the China-UK Economic and Financial Dialogue, aims to provide a regular platform for technical dialogue and policy coordination, reflecting the momentum generated during recent high-level exchanges between Beijing and London.

Delegates explored global macroeconomic trends, supervisory practices, and mechanisms to enhance crisis management cooperation, with both sides agreeing to pursue a Memorandum of Understanding on central counterparty supervision between the People’s Bank of China and the Bank of England.

Participants also resolved to support processes for mutual equivalence and recognition of clearing arrangements and to broaden information-sharing frameworks that strengthen financial resilience.

The meeting underscored mutual interest in facilitating cross-border listings and investment flows, including through mechanisms like the China-UK Stock Connect, and acknowledged London’s role as a vibrant offshore renminbi hub with expanding yuan-denominated product development and the Bank of China’s London Branch designated as the United Kingdom’s second renminbi clearing bank.

An industry roundtable held alongside the official session engaged financial institutions from both jurisdictions on market innovation and cooperation, reinforcing the new working group’s role in advancing practical, sustained partnership.