China-US agree to strengthen their financial exchanges

China and the United States agreed today to strengthen their financial exchanges by facilitating access to the market to giant US firms and Asian stimulate trade in yuan on 

American soil.

Explained Chinese Vice Premier Wang Yang and the US Treasury Secretary, Jack Lew, in a joint appearance at the end of the Strategic and Economic Dialogue ended in Beijing today.

China, Wang said, the United States granted a quota of 250.000 billion yuan (38.000 million euros) in its qualified institutional investors system (RQFII), which allows foreign companies to invest in the pockets from the country.

In addition, he promised to soon appoint two entities, one Chinese and one American, in charge of trade in yuan in the United States.

"We welcome the continuing cooperation between our financial systems and we are committed to strengthening our connectivity products and financial markets," said Wang.

Jack Lew said that the fee for the use of yuan of institutional investors in the United States is the second in the world after Hong Kong.

Also, Lew revealed Beijing's commitment to adopt legal reforms and businesses that allow US companies to access the Chinese market.

"This will support the competitiveness of the financial sector and businesses and improve their access to the US domestic capital markets of Chinese companies," said the Secretary of the US Treasury.

In addition, China reiterated in the dialogue with the US commitment to reduce excess capacity in the steel sector, though Lew regretted that this decision has not extended to industry aluminum.

"We welcome China's commitments on further steps to allow its steel industry respond to market forces and simultaneously reduce their excess capacity," said US economic responsibility.

Regarding the bilateral investment treaty that the two countries have been negotiating since 2008, the dialogue in Beijing ended without agreement, but with the resolution of the negotiators to speed up negotiations to sign "an early date," according to Wang said.

Chinese Deputy Prime Minister also advanced in mid-June that the two sides will exchange a new range of "negative list", specify the sectors excluded from the agreement.

China and the US also agreed to strengthen cooperation in the fight against money laundering and financial exchanges of information and coordination of their macroeconomic policies