US Treasury launches US-China economic, financial working groups

Chinese and US flags flutter outside the building of an American company in Beijing, China, January 21, 2021. [Reuters]

The U.S. Treasury Department on Friday said it was formally launching two new U.S.-China working groups on economic and financial issues aimed at providing a regular policy communications forum between the world's two largest economies.

In a statement, the Treasury said the two groups would "meet on a regular cadence" and report to Yellen and Chinese Vice Premier He Lifeng.