clearly indicates that the arrangement can be fully integrated into the operation of the partner rtgs systems, tailored to meet local requirements and made easily accessible by local users. since 2010 when both links have been in operation, the combined average daily turnover has almost doubled, equivalent to an annual growth rate of close to 20 %. last month, the daily turnover generated by the two existing pvp links reached a new record of us $ 4. 1 billion. given the proven track record of the two existing links, i am confident that the new link with the thai baht rtgs system will similarly be able to deliver reliable service to the banks in thailand. as always, the hkma stands ready to explore with our asian neighbours opportunities for further collaboration in the area of financial infrastructure to promote regional financial integration and to help our markets cope with the challenges posed by the rapidly changing landscape of the global financial system. the implementation of this new pvp link demonstrates that both the bank of thailand and the hkma fully recognise the merits and importance of cross - border co - operation to the promotion and maintenance of financial stability in the region. i believe that the solid partnership developed out of this project will open up new horizons for further cooperation between the bank of thailand and the hkma in the future. thank you. bis central bankers ’ speeches

by about 5. 0 percent to us $ 21 billion. this was due to the fall in the stock of foreign direct investment ( fdi ) owing to valuation effects on equity mostly held by the mining and quarrying sector. nonetheless, fdi continued to account for the largest share of the stock of private sector foreign liabilities. private sector external debt, which accounted for about 80 percent of foreign liabilities, increased by 5 percent to us $ 17 billion due to revaluation changes in non - us dollar denominated loans predominantly in the electricity, manufacturing, information and communication as well as real estate sectors. esteemed invited guests, in terms of flows, overall net foreign liability outflows of us $ 74 million 1 / 3 bis central bankers'speeches were recorded in 2020 against net inflows of us $ 357 million in 2019. this was due to loan repayments to non - affiliates by the mining, manufacturing, electricity as well as wholesale and retail trade sectors, and the reduction in currency holdings by non - residents in domestic deposittaking corporations. however, fdi liability inflows amounted to us $ 200 million compared to us $ 860 million in 2019. reduced re - invested earnings and debt repayments, largely by the mining and quarrying sector, accounted for the decline in fdi inflows. canada continued to be the major source of private sector foreign liabilities. ladies and gentlemen, the stock of private sector foreign liabilities declined further in the first half of 2021 to us $ 20 billion due to loan repayments mostly by the mining and quarrying sector as well as revaluation effects on equity. however, a net inflow of about us $ 600 million was recorded against net outflows of us $ 295 million a year ago. this was due to the upswing in fdi inflows on account of higher reinvested earnings by the mining, deposit - taking corporation, manufacturing, electricity, as well as information and communication sectors. distinguished ladies and gentlemen, another major finding from the survey is that the stock of private sector foreign assets rose by 16 percent to us $ 3. 0 billion in 2020 mainly due to the increase in currency and deposits by the mining and deposit - taking corporations. the surge in the holdings of currency and deposits contributed significantly to the increase in foreign asset flows by 60 percent to us $ 700 million. however, fdi asset acquisitions slumped to us $ 63 million in 2020 from us $ 624 million in 2019 owing