samchain/econo-pairs-v2 huggingface dataset:
. because of hong kong ’ s role as an international financial centre, and the fact that our own currency is linked to the us dollar, there is extensive holding of us dollars and a considerable trade in us dollar - denominated assets. the existing market demand within hong kong for a us dollar clearing system is a persuasive enough argument for its introduction : the potential demand for such a system, and the strategic impetus that it would give to our development as a leading financial centre, is considerable. in the near term, hong kong ’ s us dollar clearing system will provide the necessary infrastructure to support the stock exchange ’ s launch of the growth enterprise market ( gem ), which will allow listed shares to be denominated and settled in us dollars. in the longer term, the system will provide a range of opportunities for further developing our stock and debt markets into major world markets. a local us dollar clearing system will bring with it the advantages of speed, convenience and efficiency : it will, for example, allow us dollar cheques to be settled within two days, instead of the current two weeks. in addition to these obvious advantages, it will also carry the benefit of safety, in the form of reduced settlement risk. by enabling, within hong kong, delivery versus payment ( dvp ) for us dollar - denominated securities, and payment versus payment ( pvp ) for foreign exchange transactions between us dollars and hong kong dollars, the system will eliminate the settlement risk that arises when a transaction is spread across different time zones. greater safety at the level of individual transactions will be complemented by the contribution the system will make to monetary stability. by reducing the need for using the hong kong dollar as a vehicle currency for conducting non - domestic financial business, the us dollar clearing system will reduce the impact on local monetary conditions of movements in portfolio capital unrelated to economic developments intrinsic to hong kong. this is an excellent illustration of how a piece of robust and efficient financial infrastructure can be conducive to other important policy objectives, in this case monetary stability. let me turn now to the mechanics of the system. the arrangement adopted here is a private sector solution, in which the settlement institution is a commercial bank. this is not only consistent with the tradition in hong kong, but is also in line with international practice and with the recommendations of the bank for international settlements. at the end of a rigorous selection process, a selection panel made up of disinterested members of the exchange fund

success to all who will be involved in translating the design into reality.
##ao. i wish the cross - boundary wealth management connect pilot scheme a great success! thank you! 2 / 2 bis - central bankers'speeches

flow of key factors including capital, technology, talent and information, and constantly enhanced market integration. to implement the decisions and arrangements of the central government and to continuously ramp up financial support for the gba, the pbc worked with other financial regulators to jointly release the opinions on providing financial support for the development of guangdong - hong kong - macao greater bay area to advance financial connectivity in the area in an orderly manner. the cross - boundary wmc is another 1 / 2 bis - central bankers'speeches major measure to support the development of the area, enhance financial cooperation, and promote integration of social and economic development in the mainland, hong kong and macao. it reflects the confidence and determination of the central government in supporting the long - term prosperity, stability and development of hong kong and macao. as a new cross - boundary investment channel for individual investors in hong kong, macao and mainland cities in the gba, the cross - boundary wmc will provide gba residents with easier access to high - quality financial services and boost greater integration of their life. it will facilitate interconnectivity among financial markets of the mainland, hong kong and macao and promote the two - way opening - up of china's financial markets. moreover, it will inject new vitality into the development of the financial sector in hong kong and macao and drive the development of hong kong as an international financial center. we have attached great importance to investor experience and the protection of their rights and interests when drafting the implementation details. following its launch, financial regulators in the mainland, hong kong and macao will work closely in information sharing and investor protection and provide policy support to safeguard its stable operation. going forward, following the overall arrangements of the cpc central committee and the state council, we as financial regulators will continue to support the development of the gba, advance the innovation and opening - up of the financial market in key regions such as hengqin and qianhai and promote high - quality development there, and steadily enhance two - way opening - up of china's financial market. further, we will strengthen the cooperation between the mainland and hong kong and macao in a pragmatic manner, leverage the unique role of the gba to support and lead the economic development and opening - up of our nation, better integrate hong kong and macao into our overall national development, and steadfastly support the long - term prosperity, stability and development of hong kong and mac
how the firms ’ account can be made comparable across periods? 27. it is quite possible that initially adoption of fair value accounting may lead to negative implications for the revenue of firms and consequently, could impact the balance sheet of both – firms as well as that of the banks. conclusion 28. i am reminded of a quote by jim peterson, a former lawyer for arthur andersen, the now - defunct accounting firm that audited enron. he said “ an auditor ’ s opinion really says, “ this financial information is more or less ok, in general, so far as we can tell, most of the time ”, ” i trust the accounting community present here does a much more meaningful and methodical job than what mr. peterson suggests. 29. let me conclude by reiterating that a strong financial sector is a sine qua non for sustainable growth. financial sector and in specific, the banking sector, derives its strength from a healthy credit portfolio, both corporate and retail as well as a healthy investment portfolio. accounting standards and the auditors have a pivotal role in enabling the banks to develop such portfolios. there are, of course, complex but essential interplay between regulations, accounting standards and credit ratings. 30. i am sure that the conference would be able to guide the various stakeholders in finding appropriate answers to many of the issues which i have just referred to. i once again thank icai for inviting me to share my thoughts on this occasion and wish the conference all success. bcbs working paper : the interplay of accounting and regulation and its impact on bank behaviour : literature review ( january 2015 ) bis central bankers ’ speeches

83 6. 06 27. 05 39. 42 37. 59 kccs ( no. in lakh ) 243. 07 271. 12 302. 35 337. 87 82. 43 gcc ( no. in lakh ) 13. 87 16. 99 21. 08 36. 29 22. 28 bc - ict accounts ( no. in lakh ) 132. 65 316. 30 573. 01 810. 38 677. 73 ict accounts - bc - total transactions ( no. in lakh ) 265. 15 841. 64 1410. 93 2546. 51 4799. 08 bis central bankers ’ speeches
is also viewed in a favourable light by those countries in which we invest, and it obviously exerts a certain disciplinary pressure on the management that improves its quality. thank you for your attention!

a year ago. the housing market is now cooling. in parallel with rising house prices, households have been borrowing more and saving less. household financial saving was negative in 2006 and 2007. at the same time, norway has a substantial current account surplus. most of the current account surplus is matched by government financial and oil sector surpluses – which are redeployed abroad. adjusted for these outflows, norway recorded a basic balance of an estimated minus nok 150 billion in 2007, or close to 10 per cent of mainland gdp. the corollary to the deficit on the basic balance is that norwegian businesses, as well as norwegian banks, borrow in foreign markets. the recent turbulence in international money markets has affected the price and supply of funding in these markets. monetary policy assessments monetary policy in norway is oriented towards keeping inflation low and stable. the operational target is annual consumer price inflation of close to 2. 5 per cent over time. norges bank operates a flexible inflation targeting regime. both variability in inflation and variability in output and employment are given weight in interest - rate setting. inflation has been expected to pick up for some time. since summer 2005, the key policy rate has gradually – and ahead of the rise in inflation – been raised by 3. 5 percentage points to 5. 25 per cent. this will contribute to more stable developments in inflation and in output and employment. the real interest rate has increased. the various factors that influence interest rate prospects are pointing in different directions. on the one hand, inflation has picked up markedly over the past few months. growth has remained firm, capacity utilisation is high, the labour market is tight, and wage growth is picking up. in order to guard against inflation rising further and becoming too high, it may thus be appropriate to continue raising the interest rate. on the other hand, in order to guard against an economic setback in norway as a result of weaker external growth, it may be appropriate to leave the key policy rate unchanged for a period or lower the key rate. weaker growth in the world economy may influence activity and profitability in the norwegian business sectors. as a result of the financial market turbulence, we have also seen an increase in the financing costs for norwegian banks and companies. furthermore, the turmoil and the setback in the us may increase uncertainty among norwegian households and businesses. if there are prospects that the interest rate in norway will be held considerably higher than the interest rate level among our trading partners, the krone
on two conditions : first, that the institutional structures put in place were flawless ; and second, that there was irrefutable evidence of the monetary convergence of the countries invited to merge their currencies. as far as our two countries were concerned, that meant the complete convergence of the deutsche mark and the french franc even before the introduction of the single currency. we had concluded that an essential precondition for the creation of the single currency was that the new currency had to be at least as solid and at least as credible and retain its value at least as well as the national currencies that preceded it. and finally, of course, there was that crisis meeting at a washington hotel in september 1992, at the end of which our two central banks found a way to save the european exchange rate mechanism by preserving the link between our two currencies. several of us here today took part in that particularly tense – and particularly successful – meeting. mr president, you can be sure that the european central bank and its executive board, governing council and staff will – while remaining completely independent – continue to be faithful to the primary objective assigned to us by the treaty. this is what the european democracies that ratified the treaty expect of us. this is what our 320 million fellow citizens of the euro area expect of us. they want price stability. medium - term price stability is a necessary precondition for sustainable growth and strong job creation. and as regards the latter, it should be noted that the euro area has, on a net basis, seen the creation of a remarkable 15. 7 million new jobs in the nine years since 1 january 1999 – more than three times the total for the nine years prior to the euro and considerably more than have been created in the united states over the same nine - year period. now, more than ever, we have numerous challenges to face. the central banks of industrialised countries have to ensure price stability in their individual economies, which are characterised not only by extremely rapid progress in science and technology, but also by both globalisation and significant demographic change, particularly population - aging. but we also face challenges at the european level, having to implement the necessary structural reforms, deepen and strengthen the single market, particularly in the euro area, and pursue, with the utmost rigour and credibility, the enlargement of the euro area. mr president, thank you again for this great honour. the institution over which i preside is very grateful indeed

. this will encourage us all to continue to pursue with professionalism and energy the historic task entrusted to us. mr president, dear eva, please also allow me to say that, on a personal level, aline and i regard this honour as a perfect example of the profound friendship that exists between france and germany, a friendship that has been placed at the service of the european union as a whole.
when you see that i have a dutch banking account, it is highly likely that i was already screened against dutch sanctions lists by my issuer institution. and when i am buying something from an online bookstore, i am very likely paying for a book. so, in this case, what actual sanction risk would there be, right? well, you know just as much as i, that, in reality, things are often not that straightforward. suppose you are less convinced that i am buying a book. suppose i could be buying image intensifier tubes, a so - called dual use good. and suppose i do not use a dutch banking account to pay for it, but a foreign one. supposing all that, could the benefit of screening on your end get the upper hand? i am merely asking the question. i don't have an answer. but what i do have, is three things you can expect from us. going forward, we will bring your concerns to the attention of the ministry of finance and share insights from our supervision. this ensures that your concerns are taken into account in the upcoming update of the sanction regulation. we will also discuss this at the european level – to improve the level playing field in europe. third, and at this moment probably most important for you, we are aware of the fact that institutions do not screen each domestic shopper payment. but in the meantime, we won't spend scarce supervisory resources on this. we have other priorities. but i will, of course, insist that you know where your higher risks lie, and that you mitigate these accordingly. and in that respect, there is still enough work to do for the sector, for example when it comes to improving the detection of transactions related to dual use goods. let me now turn to my second example. this has to do with cyber risks – a kind of risk that, over the past years, has increased significantly, and with the war in ukraine even further. also for you. we know that in the past some of you have already had to actively – and successfully – defend your institution from cyber threats. it is, of course, no wonder that cyber threats are on the rise. looking at the broader financial sector, we have seen that, over the years, financial institutions have been morphing more and more into it companies with a financial licence. more and more of what financial institutions do, takes place digitally. as a consequence, the it infrastructure has become

their activities inside the present eu. the role of the authorities is to support, not hamper these processes. therefore, my second conclusion is that frustration with the inability to politically consolidate the existing area should not become a reason for constraining its political expansion. in the end, business would find its way through, but europe would lose.
having our facilities in place for some time, lenders can now readily access the funding they need, and we ’ ve seen mortgage 4 / 6 bis central bankers'speeches rates on new loans start to decline. furthermore, many of our programs to support financial markets are being used less and less as conditions stabilize. that is why we announced yesterday that we will scale back some of the facilities we have put in place. in particular, we are reducing the frequency of our activity in markets for both term repos and bankers ’ acceptances. these are positive early results. governing council will continue to ensure we use the right tools for the right job, and that our response is proportional to the level of financial system or economic risk we see. the bank is prepared to augment the scale of any of its programs if needed to support market functioning. and if further monetary stimulus is required to meet our inflation target, the bank has tools available to deliver that stimulus. yesterday ’ s decision let me turn now to the economy and talk about the discussions that led to our monetary policy announcement yesterday. just to recap, we announced that we kept our policy interest rate at the effective lower bound and maintained our commitment to continue large - scale asset purchases until the economic recovery is well underway. in reaching this decision, we naturally spent a great deal of time talking about the economic data we have seen since the pandemic hit. the incoming data confirm the severe impact of the pandemic on the global economy. it looks like this impact may have peaked as countries are starting to reopen their economies. financial conditions have also begun to improve. but we know the reopening process is going to be long and uneven, and there could easily be setbacks. in terms of the canadian economy, let ’ s remember that we came into the crisis in relatively good shape. the canadian economy was operating close to its capacity, our national jobless rate was near a 40 - year low, and inflation was near target. to be sure, regions such as sudbury were feeling the impact of lower commodity prices. and oil - producing regions were getting hit by another dramatic drop in oil prices. some temporary factors, including rail blockades and teacher strikes, were also weighing on growth as we headed toward march. then came the pandemic, and it became clear right away that the economic impact would be profound. last week, we received the national accounts data for the first quarter of the year, including march when the shutdown

“ keynote address at the 4th convention of the south african institute of black property practitioners ( saibpp ), helderfontein conference centre ”, july 31. 7. schumpeter, j. a. ( 1949 ) “ english economists and the state - managed economy ”, journal of political economy, 57, no. 5. 8. south african reserve bank ( 2008 ) annual report 2007 : bank supervision department, pretoria.
potential spillover effects of europe on the united states, we will continue to monitor the situation closely. thank you for your invitation to testify today, and i look forward to your questions. bis central bankers ’ speeches

with today. and just like the united states, other countries have experienced imbalances in demand. since the initial lockdowns, people have spent more of their money on electronics, cars, and furniture - and less on entertainment, travel, and restaurants. 1 / 5 bis - central bankers'speeches many nations also showed considerable resilience of economic activity through the omicron wave. but global risks remain. the ba. 2 variant is now fueling a rise in cases in some countries, including china, hong kong, and the united kingdom. their experiences bear close monitoring. in addition, the war in ukraine poses significant risks to food and energy prices, as well as to global economic growth. uniquely american going back to my analogy of factor analysis, there are idiosyncratic components to the pandemic. and i think it's important to note areas where we have had a uniquely american experience in the covid - 19 recovery. first, the amount of direct fiscal support in the united states was larger than what most other countries provided. 1 this created a sizable cushion for many households, giving them the ability to maintain spending through the pandemic and as inflation started to rise. in addition, the u. s. labor market has recovered strongly since the recession trough, and labor shortages here have become more acute than in many other countries. part of the reason for a shortage of labor is that the u. s. labor force participation rate is still about a percentage point below its level prior to the pandemic, in what has become known as the great resignation. a portion of this decline reflects longer - term trends related to the aging of the population. but some left the labor market because they needed to be home to care for young children or elderly relatives. others didn't want to risk exposure to covid at the workplace. and many simply chose early retirement. despite the challenges presented by the omicron wave early this year, the unemployment rate fell to 3. 6 percent in march, bringing it in line with the very low levels seen before the pandemic. with low unemployment, solid wage growth, and ample job openings, all indicators show that the strength of the labor market is at a level consistent with my view of maximum employment. inflationary pressures the other side of our mandate is price stability, and this is where our greatest challenge now lies. inflation is far too high. in february, inflation - as measured by the personal consumption expenditures (