. in the area of central bank cooperation, the pbc has actively participated in all our regional groupings including that for the asean economies. for malaysia, this cooperation has manifested itself in many ways. the one event that i will always vividly remember is the one on 21st july 2005 at 7 o ’ clock in the evening when both china and malaysia transitioned to a flexible exchange rate regime. for malaysia, we had seven years earlier fixed our exchange rate during the height of the asian financial crisis. our transition into the flexible regime with china allowed for us to achieve it without being destabilised by the financial markets. bank negara malaysia also became one of the first asian central bank to be accorded the qfii status in 2009 as we took steps to diversify our reserves into chinese and other asian denominated papers. while china in the current environment is being confronted with challenges as it addresses its areas of vulnerabilities and as it takes steps to rebalance and reform its economy and financial system, it is these very actions that will provide the ground for a more sustainable china that will in turn become a source of stability for the region and for the global economy. looking ahead, there is much to be done by all of us. i have said that the business of central banking is an unfinished business. in view of the highly dynamic environment, there will always be new challenges on the horizon. for asia, it is the future challenges that we now need to be concerned with. and it is what we do now that will prepare the ground for us for the future. there has been too much focus on the present. in asia, while we have successfully prepared ourselves for the current environment, we now need to prepare ourselves for the future. among the future challenges that are likely to confront asia is whether our prevailing growth model is sustainable given the consequences from erosion of our demographic advantage, the rising indebtedness, the rising cost of living in an apparent period of low inflation, the need to meet the massive infrastructure requirements and the need to address the rising income disparities and the environmental challenges. what then are the ways economic management can prepare us for the future? this will involve policies and reforms that will reduce leverage that will address the widening income disparities, that will effectively manage infrastructure development and urbanisation, that will accord environmental sustainability and finally that will accord importance to governance, accountability and integrity in the implementation and execution of the many endeavours to achieve a sustainable advancement

) copper price ( * ) a ) trading partners'growth forecasts ( real annual change, percent ) ( dollars per pound ) mar. 24 jun. 24 sep. 24 dec. 24 4, 5 2025 - 2026 average mar. 24 jun. 24 sep. 24 dec. 24 4, 0 3, 5 3, 0 2, 5 2, 0 united states china trading partners united states china trading partners ( f ) forecast. ( * ) actual price is the average for each year. dotted lines represent the 2024 - 2026 forecasts contained in each ipom. sources : central bank of chile based on sample of investment banks, consensus forecasts, the imf and statistics bureaus of respective country and bloomberg. figure 15 mpr corridor ( * ) ( quarterly average, percent ) 26. iv 26. iii 26. ii 26. i 25. iv 25. iii 25. ii 25. i 24. iv 24. iii 24. ii 24. i 23. iv 23. iii 23. ii 23. i 22. iv 22. iii 22. ii 22. i 21. iv 21. ii 21. i 21. iii dec. 24 corridor eof eee sep. 24 corridor mpr forward ( * ) the 2025 and 2026 calendar considers two monetary policy meetings per quarter. the corridor is constructed following the methodology of box v. 1 in march 2020 ipom and box v. 3 in march 2022 ipom. it includes the december eee and december prepolicy meeting eof. eee : economic expectations survey ; eof : financial traders survey. for details, see methodological note ( figure ii. 10, chapter ii, december 2024 ipom ). source : central bank of chile.