second, fostering the development of qualified institutional investors. the development of money market fund business and the establishment of fund management companies by commercial banks will be supported. currently, the provisional rules for money market fund management and the administrative rules for the establishment of fund management company by commercial banks have been released. the pbc, jointly with other relevant government departments, will further promote the pilot project according to the rules so as to enable commercial banks to establish fund management company and issue funds at an early date. meanwhile, to enhance the opening up of the 3 / 4 inter - bank bond market, qualified foreign institutional investors such as the asian bond fund will be allowed to invest in the market. third, strengthening the infrastructure construction of the inter - bank bond market. to ensure the smooth introduction of various new types of financial products, efforts will be made to reinforce market infrastructure and improve the legal system so as to provide legal and technical support to the healthy development of the inter - bank bond market. relevant rules and regulations will be further improved. in addition to the existing regulatory rules, the administrative rules for the inter - bank bond market will be drafted. meanwhile, the pbc will specifically define its supervisory functions, and clarify certain important principles based on which bond is issued and traded. steps will also be taken to further improve development of rules, contracts and system regarding the dvp settlement in the inter - bank bond market, explore the ways of adopting dvp settlement by non - banking financial institutions, and establish relevant systems. certain issues such as the data exchange and sharing will be coordinated so as to foster the linkage between the bookkeeping system and the trading system. the management of the trading information in the inter - bank bond market will be strengthened. the pbc will also further improve the market - maker system, increase policy support to the market makers and gradually put in place a inter - bank bond market with the market makers as the core, the brokers and financial institutions as the mainstay, and the non - financial investors as the major participants. i am confident that, with the efforts of all parties in china ’ s bond market, the chinese bond market is bound to see a rapid and healthy development. thank you! 4 / 4

wu xiaoling : an innovative and inspiring experience - micro credit supported poverty reduction and women ’ s development in china special address by ms wu xiaoling, deputy governor of the people ’ s bank of china, at the citigroupinsead women ’ s financial education summit 2004, hong kong, 2 november 2004. * * * ladies and gentlemen : it is indeed a great pleasure to be invited to speak on this important forum on women ’ s financial education. in china, women are lauded as can hold “ half of the sky ” and thus are deemed an important force in fostering china ’ s economic growth. a proverb also says, “ a good wife is a great protection against misfortune for the husband ”. put in other words in today ’ s environment of market economy, it means men would become more sensible in risk taking if their wives and daughters possess good command of financial knowledge, because they could benefit from the ‘ half sky ’ s ’ good investment advice. if so, financial risks will become more controllable and efficiency of resource allocation will be much improved, resulting in a strengthened rather than a weakened social stability. keeping in mind that the chinese women can hold half of the sky, the all china women ’ s federation has introduced micro credit supported poverty reduction projects to assist women in the poor areas. in 1989, taking advantage of a grant of us $ 70, 000 by the un children ’ s fund and the government ’ s financial support for poverty reduction totaling rmb 135, 000 yuan, the women ’ s federation in luliang region of shanxi province introduced micro credit scheme to support household - based production activities of poor women. this project was later proved to be quite successful. based on this successful experience, the all china women ’ s federation started in 1994 to expand this project nationwide. for the time being, with the help of relevant government departments, micro credit support has been provided to benefit poor women in the rural areas in 28 provinces ( regions ). in recent years, on the basis of the model in applying micro credit to reduce poverty in the rural areas, the women ’ s federation at various levels has further advanced the micro credit scheme to assist business start - up and re - employment of women in the urban areas. now, micro credit support has been introduced to assist poor women in the cities in 24 provinces ( municipalities ). the women ’ s federation enjoys a unique advantageous position to involve itself in the micro credit scheme as it is basically a