transactions in the offshore markets. 7. as i said earlier, the pace of the development of offshore rmb business and markets also crucially depends on the third factor, that is the role that the private sector can and should play in the process. it is not likely that a market can thrive just with policy headroom and financial infrastructure. banks and other financial institutions must develop their capability to satisfy their customers who have a need or an interest in using rmb. trading companies need trade finance in rmb. corporates investing in china need direct or indirect financing in rmb and asset owners need a variety of rmb financial products. many of them need to use instruments to manage or hedge their rmb exposures. all these rmb related financial services and products can only be developed by the markets and financial institutions because they are closest to their customers and understand their needs best. that is why it is so important for the hkma to collaborate with our official sector counterparts in australia to create this private - sector led dialogue. the first dialogue was held in sydney in april last year, which was highly successful. i am very pleased that it is hong kong ’ s turn to host the second dialogue and i am confident that it will be equally if not more successful. i note that today ’ s dialogue has a very rich agenda and i look forward to hearing useful and practical ideas and suggestions on what the private sector can do on its own or in collaboration with the official sector to further develop the offshore rmb markets in australia and hong kong. 8. thank you very much. bis central bankers ’ speeches

eddie yue : opening remarks - hong kong monetary authortity - dubai financial services authority joint climate finance conference opening remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the hkma - dubai financial services authority ( dfsa ) joint climate finance conference, hong kong, 16 september 2024. * * * ian [ johnston, chief executive of the dubai financial services authority ( dfsa ) ], colleagues from the dfsa and friends joining us in - person and online, good morning and good afternoon. greetings and introduction welcome to the inaugural hkma - dfsa joint climate finance conference. it was in the summer of 2023 when ian and i talked about having a joint conference together. ian has always been a very active contributor to the global dialogue on sustainability, and his visions for climate finance resonated a lot with me. we quickly came to an agreement that we should have a mechanism where key stakeholders in hong kong and dubai can meet regularly to discuss our shared challenges in scaling climate finance, explore and pilot innovative solutions, and coordinate a regional response to net - zero. and now, here we are, just over a year since our discussion, at the inaugural joint conference. let me first take this chance to express our appreciation for ian, dfsa colleagues and our industry friends who all help make this meaningful initiative happen. importance of collaboration our concerted efforts speak volumes about the growing recognition of collaboration between public and private sectors, financial institutions and corporations, and international organisations and local communities. none of us, by acting alone, can move the needle on decarbonisation. our collaboration needs to extend beyond borders as well. climate change is a global challenge that requires a global response. hong kong and dubai, as the sustainable finance hubs in asia and the middle east, can do and should do more together. collaboration between hong kong and dubai when it comes to climate finance, hong kong and dubai have a lot in common. we are the key gateways between east and west ; both with very vibrant sustainable bond markets ; encouraging technology adoption, actively participating in global standardsetting and fully committed to local alignment. 1 / 2 bis - central bankers'speeches more importantly, we both are very proactive in taking the initiative. in the race against climate change, we cannot afford to wait until we have a perfectly robust approach. the like - minded need to join hands and embark on the sustainable finance journey knowing that there will be hurdles or