Sino-German financial relations hit 'new high'

China and Germany are committed to expanding two-way opening-up and deepening cooperation to bring bilateral financial relations "to a new high", according to a joint statement issued after a high-level dialogue on Friday.

Further cooperation in finance includes developing a new capital market connection mechanism and encouraging banks and security and insurance companies from each country to open in the other country, according to the statement of the second China-Germany High Level Financial Dialogue. Another measure would be to promote use of Chinese currency in a German offshore yuan center.

This round of the dialogue, a key platform for communication and policy coordination, was co-chaired by Chinese Vice-Premier Liu He and German Vice-Chancellor and Minister of Finance Olaf Scholz in Beijing.