rmb business in hong kong has grown by leaps and bounds within just a year after the introduction of the cross - border rmb trade settlement in july last year. rmb services for all types of enterprises as well as personal financial and wealth management rmb products, including insurances, investment products and funds, have been launched one after another and have been welcomed by the public and investors. hong kong can play a part in expanding and deepening rmb offshore business by serving as the “ window ”, “ testing ground ” and “ firewall ” for rmb ’ s internationalisation and make important contribution to the gradual relaxation of restrictions on capital accounts in china and the gradual move towards free convertibility of rmb. i would like to emphasise that china has made remarkable achievements with its reform and opening up in the past 30 years and hong kong has made major and irreplaceable contributions in numerous aspects in the process. after we have reviewed the past, we will have to look forward to the future. i believe that under the principle of “ one country two system ”, hong kong will continue to contribute to the continuous development of china, the modernisation of its financial system, and its linking to the international markets, helping to develop china as a fully “ moderately affluent ” community. thank you very much.

##tm. the eight specific risks highlighted are as follows : ( 1 ) the risk of fraud or scams among crypto participants ; ( 2 ) legal uncertainty about custody practices, redemptions, and ownership rights ; ( 3 ) crypto companies claiming they carry deposit insurance ; ( 4 ) volatility in crypto asset values ; ( 5 ) run risk from stablecoins ; ( 6 ) the risk of contagion from interconnected crypto participants ; ( 7 ) practices that may be unfair, deceptive, or abusive, contributing to significant harm to retail and institutional investors, customers, and counterparties ; and ( 8 ) risk management that lacks “ maturing and robustness. ” board of governors of the federal reserve system, “ federal reserve board issues policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status, ” news release, january 27, 2023, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20230127a. htm. board of governors of the federal reserve system, “ agencies issue joint statement on liquidity risks to banking organizations resulting from crypto - asset market vulnerabilities, ” news release, february 23, 2023, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20230223a. htm. - 10 assess and manage the liquidity risks of their funding sources. as the statement makes clear — and as has been obvious throughout the last few months — crypto sector depositors may have assets that can be affected by volatility in the sector. this volatility can lead to unpredictable, rapid, and correlated deposit inflows and withdrawals, and thus the liquidity risks of their deposits, of course, require some additional attention. these liquidity concerns are particularly acute for banks that have a meaningful portion of their balance sheets funded with such deposits. again, we took these steps to make clear that we have the same expectations for all the institutions that we supervise and which seek to engage in novel activities. these expectations are not new. we expect supervised entities to ensure that they conduct their activities in a safe and sound manner and in compliance with all relevant laws, including anti - money - laundering laws. these public statements are transparent and provide the same information for everyone, including for small banks that may not