more market oriented, and the enhanced role and position of financial industry enable it to contribute more to sustained economic development and global economic adjustment. first, we have built a diversified and multi - layered system of financial institutions and of financial market that supplement each other. at the end of 2005, the total assets in both domestic and foreign currencies of banking sector, securities sector and insurance sectors combined reached 5 trillion us dollars, about 2. 5 times of gdp. the assets of the banking sector stood at 37. 5 trillion rmb, 2. 06 times of gdp. at the same time, the development of money market, capital market and insurance market also made headways. the non - tradable shares reform progressed smoothly, and some institutional issues restricting the development of capital market has been gradually resolved. second, the improvement of financial macro - management system has helped support the stable and rapid development of national economy and maintain price stability. market - based interest rate reforms have made important progress with financial market interest rates basically liberalized. the upper limit of lending rates and lower limit of deposit rates have been liberalized, and financial companies have more autonomy in pricing. third, the reform of exchange rate regime has advanced significantly. on july 21st, 2005, china reformed its exchange rate regime and adopted a managed, floating exchange rate regime based on market supply and demand with reference to a basket of currencies. practices have proved that this reform are consistent with the fundamental and long - term interest of domestic and global economy, and reflects the direction and goal of china ’ s market - oriented reforms. fourth, the shareholding reforms of state - owned commercial banks produced good results. the ccb and boc have been successfully listed in hong kong, and boc also issued a shares in the domestic market. the icbc has already established a shareholding company, and the value of domestic financial asset has been maintained and increased. fifth, the opening - up of the financial industry is conducted in an all - around way, and international financial cooperation has been improved. at the end of 2005, 25 foreign banks made equity investment in 20 domestic banks, and some foreign banks or investors invested in several banks. the number of cities that have been opened for rmb business has increased from 18 to 25. china has fully fulfilled its wto commitment with respect to market access and business scope in securities and insurance sectors. china is still a developing country in transition despite its achievement in financial reforms and development. there are many

our key financial literacy messages. ladies and gentlemen. i hope you will find answers to your many questions on wealth management in this book. i hope also that you will find new insights and practical tips on how you can make money work for you. the wealth watch book is not just a compilation of individual writings. it is a collective output that is far larger than its parts. thank you all for joining us today. happy anniversary. thank you and good afternoon. bis central bankers ’ speeches