that 16 trillion yuan worth of assets of smes could not be accepted as loan collaterals. making account receivables and inventory eligible collateral is an important solution to the financing difficulties of smes. the law on real rights also identifies a dedicated agency for account receivables finance registration. the pbc ’ s account receivables finance registration and public display system and the financial leasing registration and public display system started to operate on october 1st, 2007 and july 20th, 2009 respectively. the registration of collateral puts collateral information on public display and holds third parties involved legally accountable, playing an important role in protecting legitimate rights and interests of financial institutions as the secured party. the system also registers factoring business, mitigating legal risks of commercial banks ’ factoring business with repurchase agreement attached. the enaction of the law on real rights has largely filled in the gap in china ’ s legislation on taking floating charge as collaterals. however, after the law on real rights was promulgated, commercial banks have explored taking a mixture of real right as collateral, and they are promoting innovation to include land use right and rural housing site as eligible collaterals. what ’ s more, the two registration systems still need improvements in terms of basis of registration, scope and effectiveness of the registration, underpinning the urgency of legal definition. these need to be clarified by legislations. this symposium aims to understand innovative practices concerning collaterals, discuss issues to be solved in the implementation of the law on real rights, so as to promote judicial interpretations of security interest to be released as soon as possible based on latest developments in collaterals and serve economic and financial development in a more effective manner. i wish the symposium a complete success. thank you.

are two major types of transactions in the international gold market : the traditional spot transactions taken place basically in the gold markets of london, zurich and hong kong ; and the futures transactions including gold options, forwards and swaps basically on chicago board of trade, new york mercantile exchange, the mid - america commodity exchange and tokyo commodity exchange. a fledged gold derivatives market can effectively function for market players to hedge against risks and carry out investment and financing. the current major form of gold transaction at shanghai gold exchange is firm order spot transaction. with the development of chinese gold market, we will phase in a variety of gold derivatives including forwards and futures. in february and august this year, shanghai gold exchange has put forward successively t + 5 and deferred delivery products in addition to spot transactions. the attempts help the enterprises to fix costs, further preserve value, and avoid the uncertainties in production costs caused by price fluctuations. currently, the deferred delivery is done on a trial basis by means of down payment. the transaction could be settled before, after or on the contracted date as negotiated by the buyer and seller. the price is decided on the day of transaction. this product avails gold producing and demanding enterprises to hedge against risks, diversifies tools for investment and enlarges the variety of transactions on the market. the pbc will conduct further research on gold forwards and futures provided that financial risks can be effectively contained. 3. to integrate chinese gold market into the international market. we all know that the present chinese gold market is a relatively closed one with membership accessible only to domestic gold producers, intermediate consumers and commercial banks ; exports and imports have not been liberalized ; and no round - the - clock synchronized transactions with the international market. therefore, we plan to open the market further in an effort to solve the above problems, fuse the chinese gold market into the global market and create conditions to forge our market into a global player. we see as central bankers, that developed gold market can help to compliment the monetary policy instruments and improve macro - economic management. this is because gold still apparently demonstrates its character as a currency in the modern financial system. even after the collapse of the bretton woods system, the price of gold is still an important index for central banks to evaluate inflation. also, all central banks still hold considerable amount of gold as government reserves. gold reserves, foreign exchange reserves and quota at the international monetary fund form a nation ’ s international reserves that can be used to weather risks.