cash and shorter dated money market products. at the same time, diversification is now ever more important to help stabilise our investment returns. we have been actively pursuing measures to make our portfolio more resilient. we learned from the global financial crisis experience that we need to go beyond conventional asset classes to make the best use of diversification. this was the reason why we started investing in private equity and real estate back in 2009 ; and rmb assets back in 2011. private market investment gives us access to return streams that have a low correlation with public assets. our long - term growth portfolio of private market assets is now 2 / 3 bis - central bankers'speeches over us $ 60 billion. it has achieved an internal rate of return of around 13 % since inception, and provided the diversification benefits that we seek when markets are stressed, while enhancing the risk - adjusted return of the exchange fund as a whole. likewise, we started to invest in rmb assets over 10 years ago, recognising the growing trend for the internationalisation of the rmb, and that china has a different macro cycle to other economies. over the past decade, which is the sort of time horizon that is relevant to long - term investors, rmb bonds have delivered very attractive riskadjusted returns, and effectively a zero correlation with other fixed income markets. rmb bonds have been the best diversifier in our fixed income portfolios in recent years. diversification remains an effective first - line defence against market uncertainties, and we will continue to spread our investments across asset class types, geographies and currencies. lastly, i want to give an update on hkma's green and sustainable investments initiatives. as a long - term investor, we have to recognise the risks and opportunities that climate change can bring. the hkma has set a net - zero emissions target for our investment portfolio by 2050. on implementation, we have laid down the principle that, when considering potential investments, an esg investment will be preferred if the riskadjusted returns are comparable. esg investments have been implemented within our allocations to fixed income, public equities and private markets. we have funded esg - focused mandates in public equity. on the fixed income side, we started investing in green bonds in 2015 and recently, we have been partnering with bis to invest in green bond issues in the asiapacific region. for private assets, we have invested in projects with sustainability

play an increasingly important role in instituting and monitoring proper governance and internal control systems within banks, provided they are suitably empowered and supported by the shareholders and regulators. as for the management and staff of banks, desired behavioural changes will come if the owners and boards show the way and institute the right values, controls and compensation arrangements., conclusion : a matter of choice 23. ladies and gentleman, i am not entirely sure whether, in making this speech today, i will make myself any more or less popular amongst bankers. but this is not relevant at all. the important thing is that i am very pleased to be given this precious opportunity to share with you my heartfelt thoughts on why bankers have lost a great deal of public trust and respect and how they might regain these sentiments. bankers clearly have a choice on what to do and where they want to go. by the same token, regulators also have a choice on what to do, but that choice depends crucially on what the bankers themselves elect to do or not to do. i sincerely hope that the public sector and the bankers can work together to ensure the sustainable and healthy development of the banking industry. at the end of the day, the society also has a choice. after all, no profession or industry can evolve or develop independently from or against the wishes and expectations of the society. thank you very much. bis central bankers ’ speeches