have averaged below specified goals over the past few years. there are several reasons for this : levels of excess capacity in factor and product markets remain high in many economies ; wage outcomes have been subdued, even in countries with low unemployment ; surveys show that inflation expectations have declined ; commodity prices have fallen substantially over the past 18 months ; and the internet and other technologies may be changing the tradables content of traditional non - tradable goods and services. turning to some regional perspectives, the greatest concern at this point lies around the growth outlook for china. over the past 35 years, china has been the world ’ s most successful economy, increasing its share of world output from below 3 percent to 15 percent currently. although china ’ s economy is just over 60 percent of that of the united states ( at current exchange rates ) it has a much greater impact on commodity markets and global trade volumes. this includes the 19 euro - area economies, usa, japan, uk, canada, switzerland, sweden, demark and norway. in 13 european countries 2 year sovereign bond rates are still negative. the continuous commodity index is currently about 28 percent below its peak in april 2014. larry summers blog : on secular stagnation : a response to bernanke, april 1, 2015. robert gordon : is us economic growth over? fostering innovation confronts the six headwinds, nber working paper no. 18315, august 2012. bis central bankers ’ speeches china is now the number 1 or 2 trading partner for over 100 countries and its imports of nonoil commodities are around 2 ½ times higher than those of the us. recent indicators suggest that challenges in china ’ s construction and manufacturing sectors continue to be a concern, particularly as much of the investment has been financed through extensive borrowing, much of it in the rapidly expanding shadow banking sector. china ’ s debt burden has increased at an unprecedented rate – from 130 percent of gdp in 2008 to around 200 percent currently. but financial markets have also been unsettled by other factors, including the types of policy measures introduced as the shanghai index began declining, the magnitude of recent capital outflows, and the questions raised by the decision to allow the rmb to depreciate by 3. 5 % over two days in august. although the chinese authorities have indicated they want a stable rmb, private capital outflows continue to be large. any substantial depreciation in the rmb would have serious implications for the world economy : it would

##aging the extensive presence of its banking network which is present across all asean countries. in addition, our network of appointed overseas office ( aoo ), spanning asean and key global markets, further enhance our ability to support cross - border transactions and promote regional integration of local currency settlements. all of this bodes well for the economy and our prospects. to realise this potential, i must highlight the significant need for collaboration and coordination between bnm and the industry. we have already witnessed meaningful collaboration, particularly through the financial market committee ( fmc ) and mifc leadership council, and i look forward to build and expand on this foundation and enhancing our joint efforts as we head into the coming year. conclusion in closing, i want to emphasise that while we face challenges, the resilience of malaysia's economy and financial markets gives us reason to be optimistic. the strategies we have in place, supported by sound fundamentals and innovative initiatives, position us well to navigate future uncertainties. izinkan saya akhiri ucapan ini dengan serangkap pantun. dari dollar malaya ke ringgit malaysia, legasi menuju negara yang kukuh, bekerja erat, maju bersama, sistem kewangan terbina utuh. thank you for your time, and i wish you all an enjoyable evening. 5 / 6 bis - central bankers'speeches 1 source : governor'media statement during 3rd quarter gdp release 6 / 6 bis - central bankers'speeches