##ification to better reflect the increasingly important role of the yuan in international monetary system. last but not least, i hope that the inauguration of our beijing representative office will be more than just another success story. i truly hope that the spirit and friendship behind this long - standing relations and successes, nurtured earnestly over centuries, will continue to serve as solid foundations that will lead to even greater and closer future cooperation between our two nations. let me end by thanking everyone for being an important part of this success. and, with your royal highness ’ permission, may i propose a toast to future success and cooperation as well as to your royal highness ’ s good health and prosperity. thank you. bis central bankers ’ speeches

barry whiteside : the changing nature of financial markets surveillance opening address by mr barry whiteside, governor of the reserve bank of fiji, at the apec financial regulators training initiative ( ftri ) market supervision seminar, nadi, 5 december 2011. * * * salutations distinguished guests, participants, ladies and gentlemen. bula vinaka and a warm welcome to you all. i would like to especially welcome those who have travelled to fiji from abroad! i understand we have some participants from as far away as tanzania, india, china, northern and southern asia, as well as our friends from the pacific islands. it is with great pleasure that i welcome you all to nadi for the apec financial regulators market supervision seminar. we are indeed honoured to help host this important week - long regional training initiative for securities regulators. it is also extremely pleasing to see such a great mix of participants from right across our asia - pacific region. i thank the organizers, the adb and the apec financial regulators training initiative secretariat, for inviting me to give the opening address to what ought to be a stimulating seminar. the topics for your deliberation are impressive and will no doubt bring unique insights into the changing nature of financial markets surveillance. do try not to let the surroundings distract you from this purpose! ladies and gentlemen, the timing of this seminar is pertinent, given the economic and financial environment with which we are all confronted at the moment. set against the backdrop of the recent global financial crisis, increased insider trading, and the structural problems facing the crisis - hit eu economies, the importance of constructing and harmonising preventative market surveillance rules and disseminating this in regional training is critical for us all. addressing the pressing need for market surveillance training in emerging economies please allow me, this morning, to briefly share with you why market supervision initiatives such as this are of paramount importance to developing nations, like fiji. over the years, the asia - pacific region has witnessed vast changes in the nature of securities trading. cross - border trading and the volume of trade have increased exponentially and so has the complexity of products offered. history, however, has proven that financial innovation in an ineffectively regulated environment provides an avenue for market manipulation, and precedes excessive risktaking and market failures. it has therefore become critically important that macro - prudential surveillance is continuously updated in line with the evolving nature of the securities market, in order to safeguard its integrity and efficiency. ladies and gentlemen,