stock exchange and the china financial futures exchange was opened exactly one year ago and is the first trading venue outside china for chinese investment products in renminbi. ceinex uses the deutsche borse's infrastructure and provides investors with the enticing option of gaining access to the chinese capital market during european and us trading hours. in addition to the formation and expansion of close and dynamic economic ties, activities that promote mutual understanding are another integral part of the renminbi's internationalisation strategy. mutual trust is established by regularly exchanging information in the fields of politics, business and academia, and this is an important factor for successful cooperation with chinese partners. in mid - october this year, for example, a delegation of members of the renminbi initiative group frankfurt headed by the deutsche bundesbank and the hessian ministry of economics travelled to beijing and shanghai for talks. this was in connection with a workshop in beijing organised by the sino - german center of finance and economics, which boasted high - ranking participants from the people's bank of china, academia and the financial sector. the sino - german center, which is part of the goethe university in frankfurt, is a research centre that conducts independent research and promotes interaction and improved mutual understanding by means of education and training. the sino - german center opened in september 2015 and i am proud of the fact that the bundesbank, as a member of its board of trustees, is actively contributing to its success. 4. what conclusions can be drawn? ladies and gentlemen the inclusion of the renminbi in the imf's special drawing rights basket marks a milestone in the internationalisation of the chinese currency. there can be no doubt that this is a great political and economic triumph for china as well as an endorsement of the path to openness that the country has been treading with great determination since the end of the 1970s. however, there is still some way to go if the renminbi is to become as important as the other four key currencies. foreign investors'access to the onshore capital markets in china, which is still restricted, is a case in point and underscores the necessity for chinese policymakers to continue to resolutely press ahead with the opening - up and liberalisation of the chinese markets. thank you very much for your attention. 3 / 3 bis central bankers'speeches

francois villeroy de galhau : what responses to terms of trade shocks in poor and vulnerable countries? speech by mr francois villeroy de galhau, governor of the bank of france, at the bank of france - ferdi ( fondation pour les etudes et recherches sur le developpement international ) conference, paris, 24 january 2017. * * * good morning and welcome to all in the auditorium of the banque de france. it is a great pleasure to welcome you here with patrick guillaumont, president of ferdi and coorganiser of this conference, to whom i extend my warmest greetings. i would also like to welcome jan gunning, professor emeritus at the free university of amsterdam, as well as all the speakers who honour us with their presence. the banque de france has established research partnerships with several foundations and universities : the paris school of economics, the toulouse school of economics and the fondation nationale des sciences politiques. the partnership with ferdi ( fondation pour les etudes et recherches sur le developpement international ), which we are pleased about, focuses on extending and enriching discussions and research on monetary and financial issues related to development, including : the financing of development, in particular the mobilisation of domestic and international savings, the competitiveness of african countries and exchange regimes and strategies, regional integration in africa, which was the theme of our first conference in 2014, the “ curse ” of commodities in low - income countries, and the management of the dutch syndrome and the terms of trade cycles, i. e. changes in the relative prices of exports compared to imports : this is the theme of today ’ s conference. the subject chosen is highly topical, following the very sharp drop in commodity prices, in particular oil prices, between mid - 2014 and early 2016, the effects of which on exporting countries had been underestimated, both by the countries themselves, but also by the international financial community. thus, the economic growth forecasts for sub - saharan africa made by the main international organisations were revised downwards only very late. in january 2016, the imf still expected sub - saharan africa to grow by 4 % in 2016 and by 4. 7 % in 2017, but the forecasts in the october 2016 global economic outlook were only 1. 4 % for 2016 and 2. 9 % for 2017, almost solely as a result of the recession in the oil economies. the ivorian economy