to fall to its lowest level ever at 67. 11 in october 2008, which mean that across the board yield of sun, has hike to above 15 %. the idr exchange rate again us dollar, has also weakened dramatically from around 9. 200 levels, to reach its peak at 12. 000 levels in november 2008. however, the above symptoms of increasing counterparty and credit risk also could be observed in domestic market. the inter - bank money market indicators also revealed similar shape, to those found in global market during the crisis. the spread of jibor 1 month over bi rate for instance, has widened significantly to around 250 bps, despite that the interest rate was in a declining trend, while in normal condition it is always below 50 bps. further, there was also a tendency that banks prefer to hold their reserve, in shorter maturity of bank indonesia ’ s omo instruments ( fasbi and short - term deposit collection, the so - called ftk ). these, along with nervous as observed in the banking industry with regard to its funding source, public or third parties deposit that led to unhealthy competition amongst banks, has showed that, there was some potential liquidity risk in the domestic banking sector. to cope with the above mention situation, the government and bank indonesia took some necessary measures to safeguard the domestic economy. government has provided fiscal stimulus to secure the real sector activities, as well as to prevent the deterioration purchasing power of the poor. meanwhile, the monetary policy stimulus, took form in accommodative stance, as inflation has fallen, by reducing bi rate 300 bps since november 2008, from 9. 5 % to 6. 5 %. in addition, from the operational level, bank indonesia has also undertaken some measures aimed at addressing market liquidity concern, by providing and ensuring the supply of liquidity in cash money market, both in us dollar and in rupiah. in us dollar market, bank indonesia reduced the required reserve ratio, from 3 % to 1 %, lengthening the maturity of swap operation, and ensuring the us dollar liquidity need for domestic corporations via banks, by providing window for rediscounting export underlying instrument. meanwhile, in the rupiah money market, bank indonesia took similar measure, such as providing window for “ repo ” transaction, using underlying assets of government bonds, and certificate of bank indonesia ( “ sbi ” ), for various maturity, recently up to 3 months, through an

guo shuqing : fintech developments, challenges and supervision in china video speech by mr guo shuqing, party secretary and deputy governor of the people's bank of china and cbirc chairman, at the singapore fintech festival ( sff ) 2020, 8 december 2020. * * * ladies and gentlemen, dear friends, it is a great pleasure to attend the singapore fintech fesitval 2020. i would like to share the latest fintech developments in china and some of our observations. first, updates on fintech developments in china. over recent years, fintech has been developing rapidly and robustly in china. financial institutions made continued efforts to promote digital transformation. financial products and tools became more diversified, and financial services more efficient and inclusive. with wide coverage of e - payment, in particular mobile payment, basic financial services are now available across the whole country. even in the most remote areas, every adult has his or her own bank account. china now ranks high in terms of the coverage and volume of mobile payments. this enables real time processing of deposit, withdrawal and remittance. online shopping is booming, providing more convenience to daily life. digital credit has fundamentally improved the financial services for micro and small enterprises, the self - employed and farmers. banks use big data for smart risk management, which reduced reliance on collateral and made loans more accessible. by the end of october this year, micro and small firms with banking credit have reached 27 million, loans for these firms and the selfemployed grew by over 30 % year on year, and loans to farmers grew by 14. 3 %. digitalisation remarkably expanded insurance ’ s coverage. in china, basic pension has covered 1 billion people, and basic medical insurance has covered more than 1. 3 billion, with crossprovince fee settlement achieved. by video and remote authentication, key parts of the insurance business have been moved online. in the first half of this year, internet life insurance premium grew by 12. 2 % year on year, internet property insurance companies ’ premium grew by 44. 2 %. financial digitalisation has made huge contribution to poverty alleviation. with multiple digital tools, financial institutions can well target their funding support to poor households. by the end of september this year, small loans for poverty alleviation totaled 504 billion yuan, benefiting 12 million households. financial institutions also set up online platforms to connect producers with consumers. through online marketing, credit reference, guarantee and payments