The Federal Reserve Building is reflected on a car in Washington in this September 16, 2008 photo. REUTERS/Jim Young
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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 playbook for dealing with Wall Street's "Black Monday" crash of 1987 .The Chinese central bank and the Fed had no comment when reached by Reuters.In a Reuters analysis last year, Fed insiders, former Fed employees and economists said that there was no official hotline between the PBOC and the Fed and that the Chinese were often reluctant to engage at international meetings.The Chinese market crash triggered steep declines across global financial markets and within a few hours the Fed sent China's central bank a trove of publicly available documents detailing the U.S. central bank's actions in 1987 .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 .By the time Song wrote to Kamin, China had spent a month fighting a stock market slide and many of the actions taken by the PBOC and other Chinese authorities shared the contours of the Fed's 1987 game plan.
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