##fis can play a big role. green finance is also one of the topics of the conference tonight. the pbc has been proactively promoting green finance. by the end of june this year, the outstanding green loans in china had reached around rmb14 trillion, growing 26 percent year on year. by the end of september, the outstanding green bonds in china had exceeded rmb1. 1 trillion, increasing 35 percent year on year. based on international experience and the specific practices in china, we need to address the following four respects to better guide market capital to support green development. first, we should refine green classification criteria. the pbc led and finished the task of revising the green bond endorsed projects cataloguethis year. we are also planning to jointly issue the china - eu shared classification catalogue for green financewith relevant authorities of the eu to drive the cross - border flows of green capital. meanwhile, as the co - chair of g20 sustainable finance working group, the pbc will proactively promote the alignment of classification criteria of various countries by playing its role in the international organization. second, we should enhance the disclosure of climate change information. recently, the pbc has formulated and issued the guidance on environmental information disclosure for financial institutions based on international experience and common criteria to guide financial institutions in disclosing information like carbon emissions. third, we should manage the transition risks related to the climate. the pbc has been organizing climate risk stress tests. financial institutions should also proactively assess and manage relevant risks through environmental risk analysis. fourth, we should improve the pricing mechanism of carbon emissions. currently, the national carbon trading market in china has already been up and running. it gives full play to the role of the market, which is conducive to maximizing the incentives and constraints of carbon emission prices. financial institutions can actively carry out research in this regard. in addition, the pbc has been working on the launch of support instruments for carbon emission reduction which provide low - cost funds for qualified financial institutions to support the development of clean energy and enhance china ’ s overall energy supply capacity. 2 / 3 bis central bankers'speeches in the coming years, the pbc will continue to refine the policy framework for regulating china ’ s sifis and effectively maintain financial stability. we also expect that systemically important banks within and outside china can jointly establish climate - friendly visions and goals to drive more market capital to support green, low - carbon

combine with governments'thrift and the workings of law and regulations to determine the real basis for economic welfare. credibly reassuring market participants and the public at large about price stability over the medium run, and acting in a determined manner to fulfil this promise, is the best contribution that a prudent monetary authority can make to social welfare. any attempt on our part to correct this balance of real forces in the short run at the expense of the stability of the currency would only be futile and self - defeating. the treaty establishing the european community recognises this fundamental dichotomy. consequently, it forged a thoughtful and harmonious institutional construction, in which overlaps of competence are carefully avoided. for our part, we welcome the construction designed by the treaty and respect the separation of policy responsibility on which it rests. the ecb's mandate to maintain price stability is perfected by the independence it was assigned. the current situation our strategy has been in operation successfully since 1 january 1999. when confronted with risks to price stability, the governing council has never hesitated to take resolute action in a timely manner. from november 1999 to october 2000, the ecb's interest rates were raised by a total of 225 basis points each in response to upward risks to price stability. these decisions preserved successfully positive outlook for the maintenance of price stability in the euro area. where do we stand now, six months after our last interest rate change? starting with the analysis conducted within the framework of the first pillar of the ecb's monetary policy strategy, in the second half of 2000 and in early 2001 we have been witnessing a downward trend in the dynamics of both money and credit. over the period january – march 2001, the three - month average of the annual rate of growth of m3 was 4. 8 %. this is 1. 1 percentage points lower than over the corresponding period 12 months earlier and close to the reference value of 4½ %. the ecb focuses on the three - month average of annual m3 growth rates since monetary data can sometimes be distorted. in march 2001, annual m3 growth was 5. 0 %. while this was 0. 3 percentage points higher than in february, the march figures should not be read as a change in the underlying trend. in fact, if calendar effects were filtered out, in march 2001 m3 growth would have been lower. in addition, in interpreting the latest developments we need to be aware that there is some evidence that over recent months purchases