build resilience moving forward. it is key for calibrating the levers in our macro - prudential policy toolkit. such as the mortgage measures, which aim to build resilience of both borrowers and lenders. or capital buffers that target lender resilience. the aim of macro - prudential policy is to strengthen the resilience of the economy to adverse shocks, as well as to reduce the cyclical movements in credit and asset prices that have proven so detrimental in the past. rigorous data driven analysis is part of our policy design, assessment and calibration ( central bank, 2019 ). as economists, we are always interested in new data, in looking at a topic from a different angle, or through a different lens. looking forward, the central bank of ireland ’ s central credit register and anacredit are two sources that may be able to add to our analysis of household and firm resilience. we also are also looking forward to new pension fund data coming on stream shortly. pension assets represent the second largest financial asset of irish households. the new dataset will, for the first time, allow us look through to the granular holding within each fund and better understand the risk exposures of households. non - bank financial intermediation the last crisis highlighted the need for better data to understand, and better policy to strengthen, the balance sheet resilience of households and lenders. however we must be careful not to just focus all our resources on the data gaps that were exposed in the past. we also need to develop tools to understand the world as it has changed. one area of growth since the crisis is non - bank financial intermediation, otherwise referred to as market based finance. the eurosystem ’ s household finance and consumption survey ( hfcs ) provides important information on mismatches between the assets and liabilities of individual households, in terms of their size, volatility, interest rate sensitivity and liquidity. many of the questions that can be addressed with these data have parallels with some of the issues facing policymakers regarding market based finance. the central bank of ireland actively employs micro - level data to assess and understand this sector. for example, we use this to assess non - bank financial institutions ’ engagement in credit intermediation, liquidity mismatch and leverage. we also monitor their interconnectedness with other parts of the financial system. and we engage internationally to assess and understand

mr. chen discusses monetary relations between china and hong kong speech by the deputy governor of the people ’ s bank of china, mr. chen yuan, at the bank of england seminar held in london on 10 / 9 / 96. introduction in less than three hundred days, china will resume the exercise of sovereignty over hong kong. given hong kong ’ s role as an international financial centre, it is natural for the international investment community to be interested in the future of hong kong. i am grateful to governor george for giving me this opportunity to share with this distinguished audience the chinese government ’ s policy on the monetary relationship between the mainland of china and hong kong after 1997. by way of introduction, let me first explain the origin of the basic principle of “ one country, two systems ”, which forms the backbone of china ’ s policy towards the hong kong special administrative region as from 1 july 1997. this will help people to understand why china is so committed to implementing this very important principle in hong kong. the “ one country, two systems ” principle what does “ one country, two systems ” mean? it means that after 1997, the socialist system and policies shall not be practised in the hong kong special administrative region, and the previous capitalist system and way of life shall remain unchanged for 50 years. this principle was not a compromise solution reached in the sino - british negotiations for political expedience. it was not even an idea floated by the british side. it was in fact a paramount guiding principle adopted by the chinese government for advancing the unification of china. the principle was also the outcome of intense research by the chinese government on what factors contributed to the economic success and stability of hong kong and how they could be preserved beyond 1997. we are convinced that this principle would serve not only china ’ s long - term national interest but also that of hong kong. it was against this background that the chinese government put forward in the negotiations the concept of “ one country, two systems ” and the guiding principles. these were subsequently incorporated in the sino - british joint declaration in 1984 and then in the basic law promulgated by our national people ’ s congress in 1990. i should add that the principle of “ one country, two systems ” as a fundamental policy for the unification and development of china has been written into our country ’ s constitution and become a long - term irreversible national policy. the sino - british joint declaration is a treaty registered with the united nations. the chinese government is committed to