8 In addition, in the performance of their statistical tasks, both the ECB and the NCBs adhere to the statistical principles and ethical and quality standards set out in their “Public commitment with respect to the ESCB’s statistical function”. 9 The independence granted to the ESCB by the Treaty means that there is no political interference in the  6  See “The introduction of harmonised competitiveness indicators for euro area countries” in the February 2007 issue of the ECB’s Monthly Bulletin, and http://www.ecb.europa.eu/stats/exchange/hci/html/hci_200801.en.html. 7  See “Review of statistics on payments and securities trading, clearing and settlement” in the January 2008 issue of the ECB’s Monthly Bulletin. 8  See http://www.ecb.europa.eu/pub/pdf/other/ecbstatisticsqualityframework200804en.pdf. 9  See http://www.ecb.europa.eu/stats/html/pcstats.en.html. Both this commitment and the framework governing the quality of ECB statistics take due account of the European Statistics Code of Practice for the national and Community statistical authorities, while also reflecting the specific governance structure of the ESCB. BIS Review 50/2008  3  compilation and dissemination of statistical information. Similarly, the Treaty states that compilers of statistics in the NSIs and Eurostat should also act in full scientific independence. In addition to these essential preconditions, statistics also need to be adequately explained. This applies, in particular, to one of the most important statistics for the ECB’s monetary policy making, namely the Harmonised Index of Consumer Prices (HICP).

Lim Hng Kiang: Singapore Exchange Beijing Representative Office Opening speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Launch Ceremony of the Singapore Exchange Beijing Representative Office, Beijing, 21 April 2008. *  *  *  Ladies and Gentlemen, Congratulatory remarks I am delighted to be here with you this evening to commemorate the opening of the Singapore Exchange Beijing Representative Office. First, I would like to take this opportunity to express my appreciation to the Chinese Government and the Chinese Securities Regulatory Commission for the generous support of the Singapore Exchange’s efforts in China. Establishment of the Singapore Exchange Beijing representative office The setting up of the Singapore Exchange’s first overseas representative office in Beijing underscores the exchange’s commitment to China. This representative office will further strengthen existing links between our two business and finance communities under the broader China-Singapore partnership framework. Chinese listings on the Singapore Exchange The Singapore Exchange started serving the fund-raising needs of Chinese companies since 1997, and it has seen strong interest in the recent years. Encouraged by the Chinese government’s "go out" policy and also boosted by the economic strength of the Chinese economy, Chinese companies have increasingly taken significant steps to regionalise and internationalise their businesses. Many Chinese companies have chosen Singapore as a springboard into the region and the Singapore Exchange as a fund-raising platform.