A group focused on U.S.-China relations in the banking sector is reportedly renewing efforts to open dialogue to seek greater access to the mainland’s $56 trillion financial market.
The group, known as the China-U.S. Financial Roundtable, is seeking dialogue, according to a «Bloomberg» report citing unnamed sources.
John Thornton – chairman of Barrick Gold Crop., Goldman Sachs veteran and one of the chairs of the group – is in Beijing meeting with high-ranking Chinese officials, the report added.
China-U.S. Financial Roundtable
The group was first formed in 2018 amid escalating tensions between the U.S. and China during the Donald Trump administration. At the time, top White House advisor Peter Navarro told Wall Street members of the group to «get out of the negations», accusing them of pressuring Trump to end his trade war with China.
The group was put together with the support of senior Chinese officials like the China Securities Regulatory Commission’s Fang Xinghai as well as co-chair and ex-central bank governor Zhou Xiaochuan.
U.S. financial giants that have previously sent representatives include Blackstone, Goldman Sachs, J.P. Morgan and Morgan Stanley.
