the dollar peg and fixed the renminbi ’ s exchange rate to a trade - weighted currency basket. the widening of the fluctuation range in april 2012 from + / – 0. 5 % to + / – 1 % further advanced the process of liberalising the exchange rate. despite the global financial crisis, china ’ s real economy continued to grow strongly even after 2008. and since 2009 in particular, china ’ s continued high current account surpluses have led to a further expansion in its foreign currency reserves. summing up at this stage, it is clear that the internationalisation process of the chinese currency is taking place more gradually than was the case with the deutsche mark, which, at times, was subject to radical upheaval, such as the collapse of the bretton woods system and the ems crisis in the early 1990s. although the us dollar has been the most commonly used currency for china ’ s trade up to now, use of the renminbi has increased a great deal over the last few years. between 2010 and 2012, the percentage of trading transactions settled in renminbi has jumped from virtually zero to around 12 %, and is likely to increase further. 4 as a result of the currency ’ s hsbc global research, the rise of the redback ii ( marz 2013 ). swift rmb tracker ( mai 2013 ) : abrufbar unter : http : / / www. swift. com / products _ services / renminbi _ reports. swift ( 2013 ) : the complicated path of rmb internationalisation, abrufbar unter : http : / / www. swiftinstitute. org / newsletters / the - complicated - path - of - rmb - internationalisation. bis central bankers ’ speeches growing use in foreign trade, international renminbi deposits in hong kong have also increased considerably to over 670 billion renminbi ( approximately eur 83 billion ). 5 to come back to my question at what stage is the renminbi now? we can ascertain that the renminbi has already achieved the first step and become a trading currency. because of the capital controls still in place, the renminbi is currently in transition from being a pure trading currency to being an investment currency. while both inward and outward direct investment is now possible, portfolio investments will continue to be regulated. nonetheless, china intends to further develop existing initiatives in this area. what opportunities will be opened up to china and the ren

by the adequacy standard. ladies and gentlemen, esteemed colleagues until recently, hardly anyone could have imagined that the world would face the consequences of the coronavirus pandemic, the energy crisis and such heightened geopolitical tensions at almost the same time. at present, there are many great unknowns – the duration of the ukraine conflict and its possible long ‐ term consequences for global trade, as well as the prices and availability of energy, industrial raw materials and food. uncertainty also refers to the complexity of the functioning of global markets in the conditions of geopolitical tensions and global value chain disruptions, speed of normalisation of monetary policies of leading central banks and the effects on global financial conditions, etc. for the time being, we judge the risks to the projection of global and domestic growth to be tilted to the downside, and those to inflation – to the upside. as the economic policy makers, we are faced with multiple challenges. you may, however, rest assured that the government and the nbs will pursue a consistent and responsible economic policy and do everything to make sure our economy is strengthened further, just as we did after the pandemic broke out. in this way, we will increase our economy ’ s resilience further and stand ready to respond to all challenges coming from the international environment. going forward, we will continue to carefully monitor and evaluate factors from the domestic and international environment, which will determine our future decisions and steps. depending on geopolitical developments and the movement in key inflation factors from the domestic and international environment, the nbs will estimate whether there is a need to tighten monetary conditions further or whether the effects of past tightening ensure a sustainable return of inflation within the target tolerance band over the projection horizon. delivering price and financial stability in the medium term remains the nbs ’ s monetary policy priority, while supporting further economic growth and development, a further rise in employment and a favourable investment environment. i now give the floor to my colleagues from the economic research and statistics department to present our latest projections in more detail.