and now accounts for more than 60 % of the overall trading turnover by foreign investors. 10. and like other things we do, we build on the good start and keep working to make the connect schemes more attractive to international investors. we introduced in june a new arrangement that will enable investors to obtain and hedge in cny for the stock connect. for bond connect, we have expanded the settlement cycle, introduced dvp settlement and block trade functionality, and added an additional electronic trading platform. we continuously listen to market participants, and are exploring further enhancements such as expansion of tradable product scope under bond connect and launch of its southbound leg. huge inflow into mainland china ’ s capital markets 11. given the much greater ease of investing in the capital markets in the mainland of china, foreign holdings of a - shares and onshore bonds increased rapidly by 73 % and 93 % respectively in the past 2 years. but still, they represent only a small portion of the markets, 3 % for the stock market and 2. 6 % for the bond market. this level of foreign participation is of course nowhere near the much more open developed markets in europe and america. it is actually far lower than that of many other emerging market economies. 12. this clearly reflects a persistent under - allocation of chinese assets by international investors relative to china ’ s economic weight. in recognition of this gap, and given the easier access to the chinese capital markets through the connect schemes, index providers are taking positive steps to bring the allocation more in line with the economic reality – for equities, msci, ftse and s & p all started to include a - shares in the past two years. for this year alone, the rebalancing inflow into chinese equities is estimated to exceed us $ 45 billion. but this is just a start. currently msci ’ s inclusion factor for chinese ashares is only 20 %, accounting for less than 4 % of the msci emerging markets index. there is a long way to go before full inclusion, leading up to over 16 % of the index. by back of envelope estimation, this could mean an additional inflow of at least us $ 200 billion to a - shares. the ftse emerging markets is a similar story. at an inclusion factor of 25 %, china will only account for less than 6 % by the end of the current inclusion process next march. for the bond market, the bloomberg barclays global aggregate index started inclusion of

the proper price signals don't reach the end - users and thereby impede an efficient choice of payment instrument. so if we want to speed up development in payment services, we need to increase competition in the market and reduce the disincentives. based on our past finnish experiences in major payment innovations, i predict that the implementation and penetration of mobile payments among the general public will take its time following the introduction of a general and user - friendly mobile payment solution. our payment habits are deeply rooted. merchants need time to adapt their systems. banks want to be assured that the business model of the new payment instrument is a sufficiently rewarding opportunity for them. here too we face the traditional chicken - and - egg situation. still, i am convinced that recent developments in ict in general and in mobile technology in particular have provided a solid platform for building a new generation of payment technology. my forecast is that the convenience and efficiency of mobile payments will have general appeal among advanced users of mobile phones.