This builds on existing cooperation areas under the first OCBC-Bank of Shanghai MOU such as cross-border trade finance, investment banking and treasury solutions. Capital Market Connectivity and RMB Internationalisation 7 Second, expanding the suite of offshore RMB financial products and facilitating more  investments into China’s capital markets through collaboration between Shanghai and Singapore financial institutions. This would be aligned with China’s goals to open up its capital markets and promote RMB internationalisation. a . China Foreign Exchange Trade System (“CFETS”), Bank of China (“BOC”), and  Singapore Exchange (“SGX”) signed a strategic cooperation agreement in November this year to jointly promote the CFETS-BOC Traded Bond Index and its sub-indices to international investors3. SGX will be the first exchange to distribute the CFETS-BOC Traded Bond Indices outside of China. The launch of the Bond Indices will catalyse the development of tradable China bond products and facilitate greater investments into China’s bond market by international investors. This will enhance the development of China’s bond market, as well as strengthen Singapore’s role as a Global-Asia gateway for asset managers and investors. Mutual Establishment of Financial Institutions from Shanghai and Singapore  Third, we welcome more progress in mutual establishment of financial institutions from both cities. Shanghai and Singapore financial institutions are ramping up their presence in 8  Singapore and Shanghai respectively, reflecting strong confidence from the financial industry and the growing business opportunities available in both cities. a .

Charles Bean: Polymer banknotes Remarks by Mr Charles Bean, Deputy Governor for Monetary Policy of the Bank of England, at the Bank of England, London, 10 September 2013. *  *  *  Good morning and welcome. One of the Bank’s most visible responsibilities is the issuance of banknotes. It is a long-standing responsibility that dates back to shortly after our founding in 1694 and over the past three centuries, our objective has remained the same, namely to supply good-quality, genuine banknotes that command the people’s trust. Meeting that objective helps us to achieve one of our core purposes, which is to maintain confidence in the currency. Following a three-year research programme, we are today announcing the launch of a public consultation regarding the possible introduction of polymer as the basis for the next generation of banknotes. Polymer banknotes are made from a durable, yet thin and flexible plastic film. Design features of the banknote are printed on the film, meaning these notes can look very similar to notes printed on paper. If the public reception to the proposal is supportive, then the recently announced Sir Winston Churchill £ and Jane Austen £ notes would be issued on polymer. This change would happen in 2016 and 2017 at the earliest. The Bank’s research programme has been wide ranging, investigating the impact of the introduction of polymer notes along several dimensions, including: security, durability, costeffectiveness, the impact on stakeholders in the cash industry, environmental considerations, and the likely impact on noteholders.