cpc central committee and state council, take effective measures to further support the pilot programs of financial reform and opening - up in shanghai. first, to facilitate the rmb internationalization, we will support shanghai in innovating and carrying out pilot programs in cross - border rmb business and products following the market - driven principle. we will give full play to the rmb in pricing and settlement of commodities. besides, shanghai can tap its advantages as an international financial center to provide financing support for the belt and road initiative. second, in the context of promoting rmb capital account convertibility, we will support shanghai in the pilot reforms of foreign exchange management, increasing the functions of free trade accounts in the shanghai pilot free trade zone, and promoting convenience in capital account management and convertibility of capital account. third, we will support shanghai ’ s efforts to further improve the financial market and financial services. as an international financial center, shanghai has 1 / 2 bis central bankers'speeches been playing an important role in various financial markets, including the stock, bond, money and foreign exchange markets. we will make more efforts in infrastructure development to expand the scope and depth of market, make trading more convenient and efficient, improve the legal framework, market environment, custody and settlement of transactions, in an effort to increase the appeal of the financial markets in shanghai and promote its status as an international financial center and a hub of financial markets. moreover, shanghai has huge potential in development of financial services, given its advantage as a talent pool, its appeals to foreignfunded institutions in payment and settlement businesses including third - party payment, bank card services and rating businesses, and vast space for business development. fourth, going forward, the financial sector opening will follow the principle of national treatment to gradually lift caps on foreign ownership and limits on business licenses. given shanghai ’ s unique competitive advantages, many foreign banks, securities companies, insurance companies, and investment banks have chosen shanghai as a focal point in their plans for global business development. therefore, shanghai will be the highlight of both china and the world in the development of financial institutions. the fifth is that shanghai also has considerable potential and advantages in leading the development of financial technologies. financial institutions and relevant companies in shanghai are forerunners in the country in r & d and innovation of financial technologies and we expect they will continue to do so in the future. shanghai ’ s development as an international financial center calls for concerted efforts of all parties. the pbc will continue to support

was based on an unprecedented consultation of stakeholders and participatory internal process. it defined as a vision for the bank to be a trustworthy technical institution, known for its high standards in achieving its institutional objectives. on this basis, we have launched a number of initiatives aimed at fostering public trust in terms by improving its reliability, adaptability, integrity, accessibility and fairness. to improve its reliability, the central bank of chile has taken a thoughtful process of revision of its framework of monetary policy and forward guidance. great emphasis has also been given to strengthening the technical toolkit to identify and communicate sources of financial risk. with a focus on adaptability, we have introduced special chapters, analytical boxes and companion studies to our flagship reports. we have also launched a technological observatory with the goal of identifying new sources of risk, and the creation of the corporate risk area within the bank. for integrity, we have broadened the framework and coverage of declaration of interests among executives and staff in sensitive functions, and have strengthened our external auditing committee. some initiatives to improve the bank ’ s accessibility include regular presentations of bank reports throughout the country, the development of market intelligence mechanisms and the upgrading of communications by creating an institutional affairs division. to foster fairness we are also deepening our analysis of the economic and financial behavior of households and raising our contribution to financial literacy and education to the highest world standards. last, but not least, the cbc launched an external evaluation of its performance in the two central areas of monetary policy and financial stability by convening a panel of reputed academics and central bankers, some of whom are here today. we have committed to present the report to the chilean senate next september and to take the panel´s recommendations as a guidance to further strengthening reliability, adaptability and transparency of our work in the years to come. page 7 of 8 central bank of chile july 2019 closing remarks and acknowledgements in sum, i underscore the importance of public trust as foundation of modern monetary policy and for the legitimacy of independent central banks in performing their broader mandates. this is ingrained in the agenda of our annual conference this year : new challenges to central bank independence, the management of central bank credibility, and the designing of the best communication strategies for an effective monetary policy. i would like to thank ricardo reis for being the external organizer of this conference, as well as to ernesto pasten and diego saravia for being our local counterparts. i also thank all presenters and contributors to our program and the