with by legitimate means. the spread between quoted shibor rate and actual trading rate, especially the spread for products with a maturity of over 3 months, is a major factor influencing the quality, credibility and authoritativeness of shibor. there is room for improvement. i hope more studies can be done to find out the reasons why the correlation between quoted rates of products with a maturity of over 3 months and inter - bank borrowing transaction rate is low? how to increase the correlation? how about the correlation between long and medium - term libor and interbank borrowing rate? how big is the gap between shibor and libor? in conclusion, all of you have provided important advice including training programs. shibor has been developing very fast. i believe the existing problems can be addressed in a fast manner so as to make shibor a benchmark for the money market and for the short end of china ’ s bond yield curve.

and branches of large commercial banks be balanced in a scientific, reasonable and persuasive manner because shibor is an objective price that links the internal parties with external parties. internal transfer pricing is a basis for internal management, systematic management, risk management, economic capital and arithmetic of various indicators. if commercial banks have a relatively unified understanding of shibor and core techniques in pricing, shibor can be used in internal transfer pricing. this will be very important for internal management of commercial banks. fifth, the relationship between shibor and the renminbi internationalization. the renminbi is china ’ s main currency, a point that we shall bear in mind when contemplating the development of the money market. in the past, we only looked at the domestic market, but now we should adopt a global perspective. many currencies in the world have their benchmark interest rates, including libor, euribor, tibor and etc. the launch of shibor shored up transaction volume in the money market. comparatively speaking, shanghai ’ s money market capacity is incomparable to that of london and new york. but the renminbi will soon become an important currency in the world, so we shall steadily push ahead with the renminbi convertibility under the capital account. at present, great pressure of appreciation on the renminbi driven by large amount of capital influx is to a large extent due to a positive outlook of china ’ s economy and purchase of renminbi - denominated assets by foreign companies and individuals. in fact, the money market is part of the financial infrastructure that will establish the renminbi ’ s role in the world. as such, we must have full confidence in shibor. whether shibor will become a widely accepted benchmark will signify whether a renminbi market will be established, whether capital market convertibility will be achieved, whether the chinese economy will be successful, and whether foreign investors would have confidence in holding renminbi assets. from this sense, shibor shall gradually establish its status as a benchmark. sixth, shibor is also a benchmark for other products and institutional arrangements. a lot of existing products are linked to some interest rates set by the people ’ s bank of china ( pbc ). so when the pbc adjusts interest rate, multiple factors shall be taken into account so as to balance the interests of various parties. pbc staff shall improve their professionalism and expertise. however, any move