The fifth meeting of the China-U.S. Financial Working Group was held in Shanghai on August 15-16, 2024. During the meeting, representatives from both countries engaged in professional and constructive discussions on various topics, including economic and financial situations, monetary policies, financial stability, cross-border payments, fintech, and sustainable finance. They also discussed outcomes from the third plenary session. A significant outcome of the meeting was the agreement to enhance cooperation on financial stability. The People's Bank of China and the U.S. Treasury signed an exchange of letters to appoint contact persons to manage any future financial stress events. This agreement marks a rare development in the two countries' efforts to maintain open lines of communication and cooperation amid global economic uncertainties.