improvement. the world bank ’ s annual doing business report examines business regulations in, at last count, 189 economies on the basis of 36 indicators. china is currently ranked in 90th place. there is therefore still room for improvement. this can be achieved, for instance, by forging ahead with agreements to use common standards and dismantling barriers to market entry. achieving a mutual understanding of corporate culture in the various markets can be aided through personal contact. more and more chinese delegations are coming to germany every year. one of the objectives of these visits is to examine and gain an understanding of small and medium - sized family businesses and their structures. after all, this organisational structure is often cited as a blueprint in reforming the chinese growth model – even though it could never be adopted in every single aspect. in china, it is intended that a corps of small and mediumsized private enterprises will provide “ new ”, more qualitative growth and boost the innovative power and competitiveness of chinese enterprises. over the past decade, china has been attempting, through various channels, to support the established enterprises by offering fiscal incentives such as tax breaks. at a meeting between the chinese president and the federal chancellor during the former ’ s visit in march 2014, both countries agreed to establish a high - level financial dialogue. this took place for the first time in the spring of this year in berlin. the aim of the meeting between the finance ministries and the central banks is to institutionalise cooperation, also in financial matters. this concerns, among other things, not only issues of financial supervision and regulation, but also international cooperation within the g20. an outcome of the meeting is that assistance is to be provided for investment by small and medium - sized enterprises and the cross - border settlement of securities and derivatives is to be made easier. i expect that these trade relations will become even closer and that financial relations, too, will continue to deepen. bis central bankers ’ speeches

dismantled. so far, the chinese side has been acting very prudently in these matters and i assume that will remain the case in the future. the barriers are being dismantled by the constant expansion of existing programmes to promote cross - border renminbi transactions. this is where programmes with investment quotas for institutional investors are playing a key role. furthermore, the merger of the bis central bankers ’ speeches shanghai and hong kong stock exchanges allow foreign investors limited access to the capital market of the mainland. investors are increasingly using the renminbi as an investment currency. also establishing the renminbi as a reserve currency has been the declared aim of the chinese government since as long ago as 2009. china ’ s interest in the renminbi being included in the basket of currencies for the special drawing rights ( sdrs ) of the imf is therefore understandable. it is also clear that the currency basket should reflect the world economic balance of power. and, in that respect, china has now undoubtedly become an economic heavyweight. at present, the currency basket is based on the us dollar, the euro, the japanese yen and the pound sterling. for a currency to be accepted into the sdr basket, it must be significant for international trade, serve as an internationally widespread medium of payment and be freely usable. inclusion in the sdr basket is currently reviewed at regular intervals in accordance with the existing criteria. the outcome of the evaluation and the relevant decision are expected before the end of this year. many commentators acknowledge the country ’ s liberalisation efforts. the availability of market - based exchange rates and interest rates is essential so that the currency basket can go on fulfilling its intended purpose. furthermore, the chinese central bank announced on 11 august 2015 that the daily fixing of the exchange rate against the us dollar would be more closely geared to the price on the previous evening. the renminbi subsequently depreciated markedly and can now fluctuate more freely. some voices in the media interpreted this as yet another deliberate attempt to manipulate the exchange rate with the aim of inducing an artificial devaluation. as they see it, china is supporting its own exporters by artificially boosting competitiveness. however, it is also a further liberalising step by the chinese government. even the imf has praised the move, as this reform of the exchange rate fixing procedure gives greater weight to market forces. the use of the renminbi is forging ahead in other areas of the capital market as well