US Treasury launches formal China economic, financial working groups

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. China's Ministry of Finance will be Treasury's counterpart for the Economic Working Group, while the People's Bank of China will be its counterpart for the Financial Working Group.