tourism sectors. i wish to point out that there is no evidence to suggest a direct linkage between the recent decline in visitor numbers and bis central bankers ’ speeches expenditure, and the exchange rate of the hong kong dollar. the nominal effective exchange rate ( neer ) of the hong kong dollar rose by 6. 6 % year - on - year in the third quarter this year, but price levels for tourism - related merchandise and services fell by a greater magnitude. for example, prices for jewellery, clocks and watches fell by 8. 2 %, while the average room rate for hotels fell by 15. 3 %, which more than offset the effects of a stronger hong kong dollar. this clearly shows that hong kong ’ s economy is sufficiently flexible to adjust speedily to changing markets. 19. in addition, hong kong is different to other emes. we have sound and robust monetary, banking and financial systems. in response to the large capital inflows over the past few years, we have got ourselves well - prepared by introducing seven rounds of countercyclical macroprudential measures on property mortgages to enhance the resilience of the hong kong banking system. we should be able to withstand the shocks from a reversal of the capital flows and economic adjustments as long as we remain level - headed. we are endowed with a strategic position with the “ hinterland of mainland china and interface with the world ” under the “ one country, two systems ” principle. it is true the chinese economy is experiencing a slowdown, but this reflects a structural shift from unbalanced growth at a breakneck speed to a high - to - moderate growth rate on a more sustainable basis. indeed, sustainable and healthy development will become the “ new normal ” in china if it can reap the “ reform dividends ” by remaining committed to reform and liberalisation, and moving towards a modern and market - based economy. 20. against such a backdrop, there is vast potential for hong kong ’ s intermediary role for trade and commerce as well as fund flows between china and the world. to fortify our role, we must, with support from the central government, foster more links with the mainland. in the financial sector, we should strengthen our soft power by attracting, nurturing and retaining professionals. we should also encourage financial innovation while keeping a firm grip on risk management. in short, we must trump other financial centres in every way to continue our position as the most vibrant and competitive international financial

large. the rbi also brings out special publications and monographs from time to time dealing with issues such as the problems of agricultural finance, company finances, balance of payments, etc., which have a unique place in the economic information system in the country. available evidence on international comparisons of level of transparency as well as quality and timeliness of information clearly shows that rbi comes out well in the top league. professional standards and credibility of rbi are ranked very high. in fact, several of the speeches of governor and deputy governors of rbi are circulated to other central banks as part of the bank for international settlements review, basel, switzerland. india is also amongst the first few signatories to the special data dissemination standards ( sdds ) as defined by the international monetary fund for the purpose of releasing data and the rbi contributes to sdds in a significant manner. there has been an ongoing and steady improvement in the collection, compilation, coverage and publications of various economic and monetary statistics. conclusion in the context of deregulation and liberalisation of financial markets, it is well recognised that wider dissemination of information by all economic agents and transparency of policy formulation and operations on part of the government and other regulatory authorities contribute significantly to efficient markets. further, timely and relevant information is vital for efficient policy making and stabilising expectations. while opaqueness will lead to inefficiency, asymmetric information would cause segmented market behaviour and imperfections. rbi believes that information dissemination leads to minimisation of uncertainties about policy intentions and contributes to market stability. rbi, therefore, lays a great emphasis upon transparency and public availability of information. agencies like reuters have a significant role in providing on - line information to market participants. in fact, not merely the financial market participants use such services and no doubt derive benefit out of it, but the rbi itself utilises such services and is by and large pleased with the benefits derived. in a very important sense, therefore, rbi is not only a supplier of information and analysis but also an attentive consumer of media - services such as that of reuters. in this background, dissemination of information should be authentic, properly classified, and should have sufficient details so that it is understood in a homogenous manner by all participants including central banks. in that sense, while information per se is neutral, if it is understood differently and interpreted with any element of bias, the purpose of information dissemination may get distorted leading to destabilising influence and panic reactions in the