Reuters reports on documents it received via a Freedon of Information Act request:
Confronted with a plunge in its stock markets last year, China's central bank swiftly reached out to the U.S. Federal Reserve, asking it to share its play book for dealing with Wall Street's "Black Monday" crash of 1987.
The request came in a July 27  email from a People's Bank of China official with a subject line: "Your urgent assistance is greatly appreciated!"
In a message to a senior Fed staffer, the PBOC's New York-based chief representative for the Americas, Song Xiangyan, pointed to the day's 8.5 percent drop in Chinese stocks and said "my Governor would like to draw from your good experience."...
"Could you please inform us ASAP about the major measures you took at the time," Song asked the director of the Fed's International Finance Division, Steven Kamin in the July 27 email.
The message registered in Kamin's account just after 11 a.m. in Washington. Kamin quickly replied from his Blackberry: "We'll try to get you something soon."...What followed five hours later was a 259-word summary of how the Fed worked to calm markets and prevent a recession after the S&P 500 stock index tumbled 20 percent on Oct. 19, 1987.
Kamin also sent notes to guide PBOC officials through the many dozens of pages of Fed transcripts, statements and reports that were attached to the email.
All of the attached documents had long been available on the Fed's website and it is unclear if they played a role in shaping Beijing's actions.
Kamin's documents detail how the Fed began issuing statements the day after the market crash, known as Black Monday, pledging to supply markets with plenty of cash so they could function....
Kamin pointed out in his email that everything he was sending was publicly available.The July 27 plunge in the Shanghai Composite Index was the biggest one-day fall since 2007.
"I hope this is helpful," he said.