- based equivalence and full deference mechanisms, based on compliance with international principles, can allow for cross - border activities that meet minimum standards of safety and soundness. where global ccps are systemically important for financial systems or currency areas, however, each authority should have the right and duty to ensure that imported risk is managed at least as diligently as its own standards would dictate. this is the core purpose of the revisions to the eu ’ s recognition framework for third - country ccps. the european commission and eu legislators have taken a balanced approach to ensure that this can be implemented in a pragmatic, flexible and efficient manner. the success of this framework, however, relies on enhanced cooperation between authorities. cooperation fosters trust, thus facilitating deference among supervisors to the extent possible. it also helps the authorities in implementing overlapping expectations based on different mandates in a coherent and mutually satisfactory manner. cooperation has, in fact, always been the ecb ’ s preferred approach to the oversight of financial market infrastructures ( fmis ). this cooperation should rely on two elements, as agreed at the international level : first, effective cooperative oversight arrangements and, second, crisis management groups to allow for mutual consultation in recovery and resolution planning. unfortunately, for several global ccps, these arrangements do not yet exist, or do not involve all relevant authorities, despite international commitments. these delays are a source of concern, not least as seven years have passed since the adoption of the pfmis5, and almost five years since international standards were adopted for both the recovery6 and resolution7 of fmis. i urge all parties involved to accelerate progress in this area. 2 / 5 bis central bankers'speeches the eurosystem needs to be able to conduct effective oversight cooperation is also indispensable for the second topic of today ’ s conference, namely ccp liquidity and the role of the central bank of issue. in europe, cooperation ensures that the ecb and the eurosystem can conduct effective oversight of euro - denominated clearing activities, wherever they may be established. in 2017 the ecb recommended an amendment to its statute to clarify its competence over ccps for the purpose of carrying out its monetary functions. 8 the ensuing debate among legislators and policymakers in the eu and beyond was marred by some misunderstandings, however, which i would like to dispel today. as you all know, some central banks are ccp supervisors. the ecb is not,

yi gang : speech - hong kong fintech week 2022 speech ( virtual ) by mr yi gang, governor of the people's bank of china, at the hong kong fintech week 2022, hong kong, 31 october 2022. * * * thank you eddie for your kind invitation. distinguished guests, ladies and gentlemen : i am very happy to join you online at the hong kong fintech week 2022. today, i would like to share with you some of my thought on the central bank digital currency, or cbdc. cbdc has attracted growing attention in recent years. according to a bis survey in may, 90 % out of the 81 respondent central banks have started work on cbdc. the research on cbdc can help efficiently satisfy the public's demand for fiat money in the context of digital economy. in july, together with the imf and the world bank, the bis released a joint report entitled cbdc for cross - border payments, shedding light on the role of cbdc in promoting faster, cheaper and more transparent cross - border payments. however, many issues still remain when it comes to cbdc application. in my view, privacy protection is one of the issues top on our agenda. e - cny is china's version of cbdc. it is mainly positioned as cash. for china, e - cny is mainly to meet the needs of domestic retail payment, enhance the development level of inclusive finance, and improve the efficiency of the currency and payment system. in designing e - cny, we try to ensure privacy protection and financial security through byand - large anonymity and managed - anonymity. to this end, e - cny adopts a two - tiered system. at tier one, the pboc supplies e - cny to the authorized operators and processes inter - institutional transaction information only. at tier two, the authorized operators only collect the personal information necessary for their exchange and circulation services to the public. meanwhile, the pboc ensures personal information security through advanced technology and strict management, with full adherence to consumer privacy protection laws and regulations. transaction - related data is encrypted for storage. sensitive consumer information is de - identified to non - transacting parties. entities and individuals are prohibited from arbitrary inquiry or information usage without rigorous legal authorization. what is more, there are small - amount soft wallets and hard wallets to meet the need for small - value anonymous transactions,