can in turn offer loans to companies, sek 500 billion has been allocated for this purpose. the third measure gives the banks the opportunity to borrow an unlimited amount from the riksbank. and the fourth measure is the riksbank's decision to lend up to 60 billion us dollars to banks that need foreign currency. these measures have two effects. they facilitate credit supply as the riksbank in this way supplies more money to the financial system. when the volume of money increases, there is also downward pressure on market rates. in other words, the result is a secure credit supply and expansionary monetary policy. figure 1. yields on 5 - year bonds per cent sources : macrobond and the riksbank read about all the measures the riksbank has taken on our website. information on the measures is updated weekly. see https : / / www. riksbank. se / en - gb / press - and - published / updates - on - the - riksbank - and - the - coronaviruspandemic / the - riksbanks - measures - in - connection - with - the - corona - pandemic /. 2 figure 1 shows the development in yields on different types of bond on the swedish market. the economic crisis initially meant that bond yields rose. this was not a desirable development. but they have recently begun to fall back. to me, it is obvious that the riksbank ’ s expansionary monetary policy measures have pushed down market rates. and if necessary, the riksbank will do more. inflation statistics difficult to interpret under normal circumstances, monetary policy can be based on the analysis of a long line of economic quantities. as monetary policy is conducted with an inflation target, the statistics on inflation outcomes become particularly important. during the economic crisis an obvious problem with inflation statistics has been that there are no prices for the goods and services that cannot be consumed at present. this of course creates problems when calculating the consumer price index ( cpi ). statistic sweden ( scb ) have clearly described their methods. 2 for products that have no prices, they use the price development on similar products that do have prices. for products that do not have “ similar ” products, such as various types of foreign air travel, the annual percentage change in total cpi is used. replacing missing prices in this way is usually referred to as imputation. the total weight in the cpi for the products where prices are imputed in this way is not

, such as liquidity risk, when offshore corporates and investors are faced with a sudden and temporary renminbi liquidity shortage which cannot be met by rapidly transferring liquidity from the mainland. the three - year currency swap agreement between the ecb and the people ’ s bank of china, which i just mentioned, specifically aims to prevent such risks, i. e. to serve as a backstop liquidity facility, reassuring euro area banks of the continuous provision of renminbi in the euro area. having such a backstop in place makes sense in view of the rapidly growing bilateral trade and investment flows between china and the euro area, and in view of china ’ s major role in the global economy. this rationale is also supported by the rapidly increasing use of the renminbi as a payment currency. from the perspective of the euro area supervisory authorities, renminbi internationalisation calls for a monitoring from a macro - prudential perspective, including those risks arising from increased exposure to renminbi - denominated assets and liabilities in euro area banks. furthermore, the increasing presence of chinese banks within the euro area also brings its own challenges regarding banking supervision, including the need for greater cooperation and exchange of information between home and host authorities. see “ rmb breaks into the top ten most - used currencies for payments ”, swift renminbi tracker ( january 2014 ). see “ development of the renminbi market in hong kong sar : assessing onshore - offshore market integration ”, imf working paper no. 13 / 268. bis central bankers ’ speeches the integration of the renminbi in the world ’ s financial system will also require the continued development of payment system infrastructures and international payment arrangements – and, ultimately, the integration of onshore and offshore activities, so as to enable crossborder renminbi - denominated payments to be processed quickly, safely and economically. work is already under way to modernise the domestic chinese payment system and to ensure its compliance with international technical standards. this is seen as a precondition for establishing arrangements with other payment infrastructures worldwide and for eventually providing banks with efficient and secured payment - versus - payment mechanisms. offshore renminbi markets have so far mainly come into being in east asia. this forum and similar events recently organised in frankfurt and paris testify however to the demand for such markets within the euro area. moreover, the economic size and well - developed financial markets of the euro area inevitably mean