non - resident portfolio flows has becomes positive. in 2015, as part of our effort to improve transparency, we have embarked on an initiative to gather statistics on the ultimate beneficiary owners of malaysian bonds and sukuks to give the market a clearer picture on the types and behavior of investors in our market. preliminary data showed that of the total non - resident holders of malaysian debt securities, 70 – 80 % were stable long - term investors while the remaining minority was short - term investors. we are now looking at measures on how we can enhance the disclosure requirements of our bond holdings to be even more transparent so that our financial market would be on par if not better than the best practices adopted by advanced markets. over the years, we have liberalized the foreign exchange administrative rules to promote competitiveness and reduce cost of doing business, attract foreign investors and create business opportunities for our local players. ringgit bonds were allowed to be traded freely offshore, with some restrictions placed on ringgit funding and fx derivatives markets to contain speculation, with the aim to ensure financial stability. an unintended consequence of this liberalization was the emergence of offshore transactions relating to ringgit such as ndf and ndirs. bis estimates that the average daily myr forwards traded offshore is 4 times the amount onshore. this should not be the case as myr is not an internationalized currency, and that all forwards should be backed by firm trade transactions. given the sizeable volume and the opaque nature of such markets, i cannot help but ask : “ what are we missing here? who are the players in the nd markets? are they hedging or speculating? “ is it the lack of capacity of our local players to serve certain players? or is it that the local regulatory and operating environment needs to be adjusted? these gaps should be identified and remedies formulated as the offshore market represents a loss of business opportunity for the onshore players. fundamentally since the transactions are related to ringgit, its activities should be captured onshore and transacted through the onshore market players. ringgit exchange rate should be determined by onshore players, reflecting the underlying demand and supply of foreign currencies in the economy. it should not be dictated by any market other than kuala lumpur. expectation and direction going forward as 2015 draws to a close, let us not allow the increasing challenges to stop us from advancing forward. volatility is not likely to go away any time soon. it would

team was able to demonstrate the potential for usage at scale, which would be a key design element of a retail cbdc. 6 as a complement, and in line with the new york fed's unique role in the federal reserve system with wholesale payments in both domestic payments and foreign exchange, the new york innovation center is researching technical aspects related to wholesale cbdcs. in addition to cbdc, the broader digital assets landscape, which includes stablecoins – cryptoassets that are backed by assets such as u. s. treasury securities to stabilize their value – and unbacked cryptoassets, has grown significantly in recent years, and continues to evolve quickly. while many digital - asset - related activities fall within existing u. s. laws and regulations, the rapid evolution and adoption of digital assets highlight unique risks that warrant a more comprehensive and aligned approach by agencies across the u. s. government with different regulatory remits. the federal reserve, as an independent central bank, is only one part of the puzzle. many of these other stakeholders across the u. s. government, such as the treasury department, market regulators, and federal banking supervisors, will be involved in providing guidance and guardrails to the financial system as the universe of digital assets continues to evolve. 7 in the current environment of rapid technological change, it is crucial that innovation proceeds responsibly in order to safeguard the stability of the financial system. to that end, on march 9 of this year, president biden issued an executive order on ensuring responsible development of digital assets. 8 this executive order outlined the first whole - of - government approach to addressing the risks and harnessing the potential 2 / 5 bis - central bankers'speeches benefits of digital assets and their underlying technology. in response, over the past six months, agencies across the government have worked together to develop frameworks and policy recommendations that advance the six key priorities identified in the executive order : consumer and investor protection ; promoting financial stability ; countering illicit finance ; u. s. leadership in the global financial system and economic competitiveness ; financial inclusion ; and responsible innovation. the executive order will be a catalyst to increased coordination among u. s. regulators. last month, as part of the approach outlined in the executive order, the financial stability oversight council, or fsoc, released a report that considers the financial stability risks of crypto assets. in the report, the fsoc noted that financial stability risks of crypto assets