yi gang : remarks - financial street forum 2022 remarks by mr yi gang, governor of the people's bank of china, at the annual conference of financial street forum 2022, beijing, 21 november 2022. * * * party secretary yin li, mayor yin yong, managing director kristalina georgieva, general manager agustan carstens, ladies and gentlemen, good afternoon! let me begin by extending my congratulations to the beijing financial street on its great development achievement over the past 30 years. under the leadership of the cpc central committee and the state council, and with the vigorous support of the cpc beijing municipal committee and the beijing municipal government, the financial street has blazed a trail with chinese characteristics and played a key role in china's economic and social development over the past three decades. today, i would like to take this opportunity to share with you some of my observations on issues related to monetary policy. first, china's monetary policy has provided significant support to the real economy. this year, the chinese economy is faced with some challenges and downward pressure due to covid - 19 and some external shocks, and we have recalibrated monetary policy in a timely fashion so as to provide greater support to the real economy. according to the deployment of the cpc central committee and the state council, we have made use of a host of policy instruments and cut the required reserve ratio ( rrr ) by 25bps. the drop in loan prime rate ( lpr ) has translated into lower financing costs for the real economy, and broad money m2, social financing and new rmb loans have all maintained pretty robust growth. measured by economic performance, china's macroeconomic policy has proven to be well - calibrated. we have kept the economy stable, preserved price stability at home despite surging inflationary pressure worldwide, and maintained a fine balance between internal and external equilibrium. china's gdp grew by 3. 9 percent year on year ( yoy ) in q3. the cpi increased by 2. 1 percent yoy in october and its annual growth rate has stayed at around 2 percent over the past five years. since the beginning of the year, the rmb has seen some depreciation against the us dollar but of a smaller scale compared with other major currencies. the value and purchasing power of rmb has been basically stable. second, while providing significant support to the real economy, the pboc has not substantially expanded its balance sheet.

zhou xiaochuan : development of china ’ s inter - bank market address by dr zhou xiaochuan, governor of the people ’ s bank of china, at the opening ceremony of the shanghai clearing house, shanghai, 28 november 2009. * * * mayor han zheng, distinguished guests, dear colleagues, ladies and gentlemen, good morning. today, we gather here to celebrate the establishment of the shanghai clearing house. this is a milestone in the development of china ’ s inter - bank market. on behalf of the people ’ s bank of china ( pbc ), i ’ d like to extend warm congratulations on the founding of the shanghai clearing house. i also thank the shanghai government and people for your gracious support. as a key component of the financial market system, the inter - bank market is playing an increasingly important role in macroeconomic management, fund allocation, pricing and risk management. the people ’ s bank of china is committed to developing the inter - bank market. over the past few years, efforts have been made to enhance financial innovation, improve the market - based mechanism, and expand institutional investors on the market. the inter - bank market has grown in both depth and width. in 2008, the turnover in the inter - bank borrowing market and the inter - bank bond market totaled 114 trillion yuan, an increase of 560 percent from that in 2003. nominal turnover of interest rate derivatives recorded 924. 32 billion yuan, 6. 56 times that in 2006, while nominal turnover of exchange rate derivatives registered us $ 917. 9 billion, 7. 07 times that in 2006. transactions on the inter - bank foreign exchange market also multiplied. the rapidly developing inter - bank market needs more efficient and secure clearing services. in june, the pbc launched the net value clearing service for spot over - the - counter ( otc ) transactions in the inter - bank foreign exchange market, which effectively reduced bilateral credit sizes and lowered clearing costs. the centralized clearing of otc transactions is an international issue. centralized clearing systems for over - the - counter spot trading and derivatives transactions of foreign exchange and interest rate products have been set up in advanced countries and in emerging market countries such as brazil and india. more importantly, following the financial crisis, countries have reached consensus on controlling financial transactions risks. countries agreed that lowering counterparty risk and ensuring effective supervision and regulation are the key to ensure secure and orderly development of the otc derivatives market, which can be best achieved through centralized clearing. in april,