US, China announce new economic working groups

News Snapshot:

The United States and China on Friday announced two new working groups on economic and financial policy, in the latest effort to stabilize fraught relations between the world's biggest economies. The formation of the groups was agreed during talks in July between US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng in Beijing, the Treasury Department said. Chinese state broadcaster CCTV also announced the launch of an "Economic Working Group" and "Financial Working Group," saying both will hold "regular and irregular meetings to strengthen communication and exchange on relevant issues." "My trip to China aimed to establish a...