% in 2015, 1. 5 % in 2016 and 1. 8 % in 2017. in comparison with the december 2014 eurosystem staff macroeconomic projections, the inflation projection for 2015 has been revised downwards, mainly reflecting the fall in oil prices. in contrast, the inflation projection for 2016 has been revised slightly upwards, also reflecting the expected impact of our recent monetary policy measures. the governing council will continue to closely monitor the risks to the outlook for price developments over the medium term. in this context, we will focus in particular on the passthrough of our monetary policy measures, geopolitical developments, and exchange rate and energy price developments. when discussing the economic outlook and the new projections, the governing council acknowledged that the staff projections are conditional on the full implementation of all our policy measures. moreover, the march staff projections extend the horizon to 2017. in this context, the governing council again stressed that the degree of forecast uncertainty tends to increase with the length of the projection horizon. turning to the monetary analysis, recent data confirm the gradual increase in underlying growth in broad money ( m3 ). the annual growth rate of m3 increased to 4. 1 % in january 2015, up from 3. 8 % in december 2014. annual growth in m3 continues to be supported by its most liquid components, with the narrow monetary aggregate m1 growing at an annual rate of 9. 0 % in january. the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) was – 0. 9 % in january 2015, after – 1. 1 % in december 2014, continuing its gradual recovery from a trough of – 3. 2 % in february 2014. the three - month cumulated net lending flows were positive in january for the second consecutive month, compared with sizeable net redemptions still recorded a year ago. despite these improvements, the dynamics of loans to non - financial corporations remain subdued and continue to reflect the lagged relationship with the business cycle, credit risk, credit supply factors and the ongoing adjustment of financial and non - financial sector balance sheets. the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) increased further to 0. 9 % in january 2015, after 0. 8 % in december 2014. our recent monetary policy measures should support a further improvement in credit flows. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirms the appropriateness

zeti akhtar aziz : economic ties between china and malaysia address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of industrial and commercial bank of china ( malaysia ) berhad, kuala lumpur, 28 april 2010. * * * it gives me great pleasure to be here today on the official launch of industrial and commercial bank of china ( malaysia ) berhad ( icbc ). the establishment of icbc in malaysia, the largest commercial bank in the world today, represents an important development in forging stronger economic and financial ties between the people ’ s republic of china and malaysia. this licence is issued pursuant to the arrangement entered into between the government of malaysia and the people ’ s republic of china in 2009, reinforcing a long - term relationship that has been strengthened over the years. the presence of icbc, in our financial system will pave the way for increased business and investment opportunities between our two countries. as asia leads the global recovery and with the progressive liberalisation in the region, the economic integration of the asian region can be expected to strengthen further. today, intraregional trade in asia has increased to an average of 50 % of the total exports of the region as compared to 32 % in 1995. the underlying structural and demographic changes in asia are expected to reinforce this trend. in addition, as domestic demand in the regional economies increases, it will provide further impetus to intra - regional trade and to the overall prospects for asia. in the area of infrastructure development in asia, the overall investment requirements for the next ten years are estimated to be about usd8 trillion. to support these developments, the regional financial integration process in asia needs to be accelerated and deepened. significant progress has already been achieved in strengthening cooperation and collaboration efforts amongst regional policymakers within the asian region to ensure that financial stability in the region is preserved. efforts have also been taken to develop the financial markets in asia. in addition, after a decade of financial reforms, the financial systems in asia have emerged resilient. while the financial systems in several of the advanced economies continue to be confronted by unresolved challenges, financial systems in the region have continued to function and perform well to support private sector economic activity. financial institutions in asia, have in fact, continued to expand their reach within the region during this period to support and facilitate the regional financial and economic integration. as regional financial integration accelerates moving forward, this would contribute towards sustaining the future