our continued collaboration with the industry, we hope to experiment more potential efficiency and transparency gains that can be brought about by distributed ledger technology. in turn, these gains can support the climate and transition financing needs in hong kong and also the region as a whole. we are committed to building hong kong's green and sustainable finance ecosystem. the path ahead is challenging, but i also look forward to working more closely together with stakeholders like all of you here to maximise the impact of our efforts and resources in tackling climate change, through the use of innovative solutions. in closing, let me wish today's event every success. thank you. 3 / 3 bis - central bankers'speeches

##mi et al., 2010 for a discussion of this. bis central bankers ’ speeches than countries with surpluses by major falls in housing prices. 14 this shows that current account deficits were often a reflection of underlying weaknesses, for example unsound lending practices and the build - up of debt. however, the crisis itself and the subsequent recession reduced the imbalances, at least temporarily. the savings ratio increased in the united states at the same time as domestic demand increased more rapidly in china as a result of a fiscal policy stimulation package. the substantial fall in oil prices also played a role. the question is, however, whether the underlying causes of the imbalances have been corrected. the imf believes that the imbalances will remain in place in the period ahead ( see figure 2 ). the oil price has also increased considerably during the last six months, which also indicates that the imbalances will remain. this is because this boosts net exports in oil - exporting countries, which tend to have current account surpluses, but increases costs for oil importers, who tend to have current account deficits. the g20 has pointed to the global imbalances as being an important factor for development in the global economy. one aspect that has been discussed is whether to adjust the nominal exchange rates in order to reduce the imbalances. if china, for example, maintains a fixed exchange rate against the dollar, this will make it possible to adjust the real exchange rate if china has a higher rate of inflation than the united states. however, this entails either a high rate of inflation in china, which the chinese authorities are not likely to want, or to deflation in the united states, which the us authorities definitely do not want. in connection with the outbreak of the crisis, china stopped the appreciation of the renminbi that had been going on for several years and instead pegged the renminbi to the dollar until june last year. this meant that china ’ s currency followed the depreciation of the dollar that came when the worst of the crisis was over and investors once again began to turn to higher - risk assets, for example by investing in assets in the emerging economies ( figure 3 ). my own calculations in accordance with the method used by the imf to identify major falls in house prices in weo in october 2009 ( a fall in house prices is defined as major if a four - quarterly moving average of the annual growth in real house prices