after the holiday period, and we are now more than four weeks past the point where the chinese economy is normally back to full - scale production. the straight arithmetic of losing a substantial amount of output over a period of several weeks implies a significant hit to economic activity. the road congestion graph ( graph 2 ) tells a similar story of a protracted period of low output. graph 1 https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 2 / 12 11 / 03 / 2020 the virus and the australian economy | speeches | rba graph 2 both show that the chinese economy is now only gradually returning to normal. even as this occurs, it is very uncertain how long it will take to repair the severe disruption to supply chains. in the meantime, the virus has spread to other countries. they too are beginning to suffer significant disruptions, the extent and duration of which is unknown at this time. the conclusion is that the global economy will be materially weaker in the first quarter of 2020 and in the period ahead. in terms of the effect on the australian economy, we have estimated the direct impact on the education and tourism sectors in the march quarter. graph 3 shows the normal profile of visitor arrivals into australia. since january, inbound airline capacity from china has declined by 90 per cent, which gives a guide to the size of the decline in arrivals from china. up until recently, tourist arrivals from other countries had held up reasonably well but that may no longer be true. from our liaison with the education sector, including the universities, as well as student visa numbers, we have information on the number of foreign students who have been unable to resume their studies. graph 4 shows the country of origin of foreign students in australia. https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 3 / 12 11 / 03 / 2020 the virus and the australian economy | speeches | rba graph 3 https : / / www. rba. gov. au / speeches / 2020 / sp - dg - 2020 - 03 - 11. html 4 / 12 11 / 03 / 2020 the virus and the australian economy | speeches | rba graph 4 we have used this information to estimate the impact of the virus in these two sectors of the economy. the estimate is approximate, but at this stage we think the decline in services exports in

guy debelle : the global code of conduct for the foreign exchange market ( update ) speech by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, at the asifma / gfma liquidity conference ( appearance via video link ), hong kong, 14 june 2016. * * * thank you for having me here today to talk about the global code of conduct for the foreign exchange market. as you may know, phase 1 of the code was launched in new york in late may. 1 today i will reiterate the motivation for the work we are doing on the global code, then update you on where we are at with the process and outline the way forward. why is the work going on? as i have stated on previous occasions, the foreign exchange ( fx ) industry is suffering from a lack of trust in its functioning. this lack of trust is evident both between participants in the market, but at least as importantly, between the public and the market. the market needs to move toward a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately. a well - functioning foreign exchange market is very much in the interest of all market participants. this clearly includes central banks, both in their own role as market participants but also as the exchange rate is an important channel of monetary policy transmission. in a globalised world, the foreign exchange market is one of the most vital parts of the financial plumbing. the global code sets out global principles of good practice in the foreign exchange market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. this should help to restore confidence and promote the effective functioning of the wholesale fx market. to that end, one of the guiding principles underpinning our work is that the code should promote a robust, fair, liquid, open, and transparent market. a diverse set of buyers and sellers, supported by resilient infrastructure, should be able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour. the work to develop the global code commenced in may last year, when the bank for international settlements ( bis ) governors commissioned a working group of the markets committee of the bis to facilitate the establishment of a single global code of conduct for the wholesale fx market and to come up with mechanisms to