tests together with their usd correspondent banks in hong kong. on the back of the keen interest observed, i am confident that we will see sizeable flow of transactions through this link. 8. expanding the footprint of the local financial market infrastructure is a strategy actively pursued by the hkma to develop hong kong into a regional payment and settlement hub. this pvp link with thailand is the third of its kind in the region, preceded by the launch of the links with malaysia and indonesia, in 2006 and 2010 respectively. according to the latest triennial survey on global fx market activity of the bank for international settlements, the average daily turnover in fx transactions in asia increased by 27. 5 % from us $ 962 billion equivalent in april 2010 to us $ 1, 227 billion equivalent in april 2013. this is in line with the growth in the activities of the two existing cross border pvp links recorded by us. since 2010, the combined average daily turnover of the links with malaysia and indonesia has doubled, reaching a new record of us $ 5. 4 billion last month. this is equivalent to an annual growth of about 23 %. other economies in the region, especially those with significant fx transactions, can similarly be benefited from a reduction in settlement risk and increase in efficiency in the settlement of fx transactions by establishing a pvp link with the usd rtgs system in hong kong. 9. the hkma will continue to watch out for opportunities to collaborate with asian neighbours to develop infrastructural solutions to meet growing regional demand for more efficient and robust settlement solutions. 10. lastly, i would like to thank bot again for the bank ’ s commitment and professionalism leading to the successful launch of the pvp link. based on the solid foundation laid through this project, i keenly look forward to working with bot in other areas of central bank cooperation to contribute further to regional financial stability and prosperity. 11. thank you. bis central bankers ’ speeches

the recent property market contraction, i think we will be able to weather the situation through appropriate policy responses given the overall soundness of domestic financial institutions. moreover, while there is much concern about the trade account deficit, this is mainly attributable to the increase in imports due to the surge in global commodity prices. in fact, korea's exports reached an all - time high last year. despite sluggish semiconductor exports due to the fall in unit prices, exports of other major items continued to grow last year. given this, korea's trade account is expected to improve rapidly should external conditions recover. while it is possible that the fragmentation of international trade and high interest rates could further weigh on the korean economy going forward, from a different perspective, they could also serve as an opportunity for us to address the structural issues that have been left untackled. in the course of responding to the restructuring of global supply chains, we need to reduce our heavy dependence on the chinese economy through, namely, market diversification. the high interest rate environment could also be a starting point for us to alleviate the high level of household indebtedness while improving the debt structure. the korean economy has been repeatedly seeing property - related finance emerge as a structural vulnerability, albeit in different forms. we should take this opportunity to bring good out of evil by fundamentally resolving the related issues. toward this goal, we will also need to look into the reasons why macroprudential regulations did not operate effectively as preemptive measures. 2 / 4 bis - central bankers'speeches the german philosopher hegel once said, " we learn from history that we do not learn from history. " let us not repeat the same mistake as pointed out by hegel. it is true that we are facing hardship both domestically and internationally. however, i believe we can produce a better outcome based on our actions. we have it in our dna to effectively overcome any crisis. we must turn these challenges into opportunities. my dear colleagues, in times of need, people look to experienced professionals. in flight, if visibility is poor due to worsening weather conditions and if the runway is so narrow that a soft landing seems unlikely, an experienced and reliable pilot will be needed more than ever. with a wealth of experience and a balanced perspective, the bank of korea should work hard to become one of the most trusted pilots to help our economy make a soft landing. to this end, it is necessary to more accurately judge and predict