Financial regulators from China and the UK explored the feasibility of a new connect program to facilitate two-way investment flows at the first meeting of the China-UK Financial Working Group (FWG), according to the People's Bank of China.

Co-chaired by People's Bank Governor Pan Gongsheng and Lucy Rigby, economic secretary to Britain's Treasury, the Beijing meeting was part of recent high-level exchanges between China and the UK.

The two financial management authorities discussed global macroeconomic developments and financial stability, financial regulation and supervision, market development and connectivity, anti-money laundering as well as anti-counterfeit currency, and secured several tangible cooperation deliverables.

A joint readout following the meeting said that both sides encourage the listing of eligible companies in each other's market, including via the China-UK Stock Connect, while reaffirming their commitment to explore greater market connectivity, including in the areas of wealth management and pensions.

Discussions included the feasibility of a China-UK Wealth Connect program to facilitate two-way investment flows, channel patient capital, and deliver long-term stable returns for investors in both markets.

The two sides also agreed to strengthen cooperation in areas such as central counterparty supervision, crisis management, combating money laundering and capacity building efforts on sustainable finance.

China recognizes that London is one of the largest, most vibrant and innovative offshore renminbi markets, and supports UK-based Chinese financial institutions to develop new renminbi-denominated financial products, the readout added.