China and the United States will establish two working groups to strengthen communication on economic and financial topics, the People's Bank of China, the country's central bank, said on Friday.

To follow through on the important common understandings reached between the presidents of the two countries at their meeting in Bali, China and the US have decided to establish two working groups in economic areas - the Economic Working Group and the Financial Working Group, the PBOC said in a statement.

The Economic Working Group will be co-chaired by vice-ministerial officials from China's Ministry of Finance and the US Department of the Treasury. The Financial Working Group will be co-chaired by vice-ministerial officials from the PBOC and the US Department of the Treasury.

The two working groups will hold regular and ad-hoc meetings to strengthen communication and exchanges on economic and financial topics, according to the PBOC.