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

size and complexity, and at highly competitive rates. 6. our banking system operates within a vibrant financial ecosystem that offers plenty of opportunities for collaboration and cross - feritlisation. this is the most obvious with the bond market, which has a symbiotic relationship with the loan market in providing credit financing. here again we are by far the number one in asia. according to the international capital market association, for six consecutive years to 2021, hong kong was the largest hub for arranging international bond issuance from asia, capturing one - third of the market ; we anticipate that hong kong will top the rankings again in 2022. less directly related, but just as important, are our stock exchange, and our network of asset 1 / 3 bis - central bankers'speeches managers and professional advisers. they anchor a company, especially its finance function, in hong kong and naturally encourage it to tap our financial intermediaries for advice and financing. 7. turning to policy support, a key source of growth in finance in recent years has been green and sustainable finance. an area where the government has been active in supporting is hong kong's sustainable loan market. 8. it is estimated that 100 - 150 trillion us dollar in climate finance will be needed in the next three decades to achieve a paris - aligned scenario of limiting global warming to 1. 5° celsius. in asia, we will need 66 trillion us dollar ; a significant share of this would go to china. 9. with surging demand for green financing, it is important that there are widely recognized standards that market participants can rely on when investing or when tapping the capital markets to meet their financing needs. in this regard, i would like to compliment aplma for the good work. its green loan principles, social loan principles and sustainability - linked loan principles provide useful guidance and benchmarks for the market. 10. hong kong as an international finance centre can contribute a great deal to channeling capital and investments and helping the region bridge green financing gaps. in fact, we have one of the asia's largest sustainable loan markets. as in the case of sustainable bonds, hong kong is the largest hub for arranging green and sustainable loans in the region, capturing one - third of the market in 2022. and we expect to maintain this position in 2022 – our preliminary internal analysis shows that green and sustainable loan issuance would double from 2021 to exceed us $ 50 billion. 11. while this is impressive, we have