options to invest in china via other channels, of which, hong kong plays a prominent role. hong kong serves as a key bridge connecting mainland's financial markets with the international market. third, rmb is more widely accepted and used in international trade and financial transactions. the pboc follows a market - driven approach to the cross - border use of rmb, and focuses on improving institutional arrangements and financial infrastructure. the international use of rmb has been rising steadily in cross - border payments, investment and financing, and foreign exchange ( fx ) reserves. the international use of rmb has started to generate network effect, and is providing more choices for market players at home and abroad. it has facilitated trade and investment, reduced the exchange rate risks, and cut currency conversion costs. china's experiences have shown that opening - up is a strong driving force for high - level development of the financial markets. it helps the financial sector to better support the real economy and become more competitive internationally. fourth, let me briefly talk about the pboc's participation in global financial governance. the world has entered a period of turmoil and transformation, and the international governance system is also undergoing profound changes. the pboc has long been an active participant in global financial governance through such fora like the g20, the imf and the bis. 3 / 4 bis - central bankers'speeches we are also actively participating in bilateral financial cooperation. this year, china has established financial working groups with both the us and the eu. the pboc is the leading agency on the chinese side for both groups. they provide an ongoing channel to strengthen communication and coordination on macroeconomic and monetary policies, promote financial stability and deepen practical financial cooperation with both the us and the eu. going forward, the pboc will continue to uphold multilateralism and contribute our share to more, not less, economic and financial integration of the world. first, we will strengthen macroeconomic policy dialogue and coordination, to jointly promote global growth and financial stability. second, we will push for global governance reform to make financial governance more fair and more efficient. this will include improving the imf's governance structure and representativeness. third, we will work with other economies to keep global industrial and supply chains stable, and promote an economic globalization that is more open, inclusive, balanced and beneficial for all. last but not least, let me talk about the special role that hong kong can play as an international financial center

, mainly due to a 4 % drop in food prices, 1 / 4 bis - central bankers'speeches especially a 30 % fall in pork price, which is a very big component of cpi in china. we don't think the fall in food price will sustain and expect cpi to go up afterwards. there have been some green shoots on the pmi front. manufacturing pmi has in general, stayed in an upward trajectory from may this year. services pmi is doing much better, and has stayed in the expansionary territory since the beginning of this year. when looking at china's economy, we need to pay attention to two things. first, china's gdp is already more than 120 trillion yuan, or 18 trillion us dollars. it would be difficult to grow at a rate of 8 or 10 percent, like in the past. second, china is experiencing a transition of economic growth model. the traditional model of relying heavily on infrastructure and real estate might generate higher growth, but would also delay structural adjustment and undermine growth sustainability. high - quality and sustainable growth is far more important. so right now we should focus more on improving economic structure, and forming new growth drivers. the ongoing economic transformation will be a long and difficult journey, but it is a journey we must take. looking ahead, the chinese economy remains highly resilient thanks to its strengths, such as innovation ability, big market, good infrastructure, well - established industrial chains, rich and well - educated human resources, just to name a few. as renewable energy and other new drivers of economy continue to grow, and as the recent policy measures gradually take effect, such as those supporting the real estate sector, reducing the debt burden of local governments, as well as the issuance of an additional 1 trillion rmb central government bond, i am confident that china will enjoy healthy and sustainable growth in 2024 and beyond. second, let me talk about pboc's monetary policy response. in general, we have kept our monetary policy accommodative to support economic development. this year, the pboc has used a mix of tools, including cutting the reserve requirement ratio ( rrr ), cutting policy rate, and guiding the market rates, including the lpr to go down. as a result, monetary and financial conditions have remained favorable for economic development. m2 and total social financing increased by 10. 3 % and 9. 3 % year - on - year in october respectively. the weighted average