to manufacturing and high - tech industries and private enterprises 3 / 4 bis central bankers'speeches rebounded significantly, relieving the difficulties that smbs face in accessing affordable financing. by end - may, inclusive financial loans issued by the five major banks to smbs grew 23. 7 % compared to the end of last year, fulfilling the majority of their full - year plan. the average interest rate was 4. 79 %, reporting a decline of 0. 65 percentage point compared to the full year rate for last year. meanwhile, the banking and insurance sectors have been fully cooperating with local governments on the issuance of general bonds and special bonds, earnestly implementing decisions and plans made by the state to provide financing support for projects launched to bolster weak spots in infrastructure construction. we believe that, through the deepening supplyside structural reform to expand effective domestic demand, the effects of various impediments will be offset for certain. the chinese economy and financial sector is surely to achieve sustained, healthy, and steady growth! these ideas are only presented for your reference. to conclude, i wish this forum a complete success. thank you! 4 / 4 bis central bankers'speeches

chris salmon : remarks given at the first meeting of the working group on sterling risk - free reference rates remarks by mr chris salmon, executive director for markets of the bank of england, at the first meeting of the working group on sterling risk - free reference rates, london, 18 march 2015. * * * over the past two and a half years, the bank of england has been firmly committed to benchmark reform. much has already been achieved by regulators, administrators and market participants. those achievements include the wheatley review of libor, the development of iosco principles for financial benchmarks, the fsb ’ s recommendations on interest rate benchmark reform, and most recently the extension of the uk regulatory framework to cover additional critical benchmarks – including the interest rate benchmarks, sonia and ronia. but there is still much to do. the way ahead was signposted in the july 2014 financial stability board report, “ reforming major interest rate benchmarks ”. that report recommended a “ multi - rate ” approach involving the strengthening of existing “ ibor ” rates ( such as libor ) by using, to the greatest extent possible, transactions data ; and developing alternative near risk - free reference rates ( rfrs ) for use in derivatives contracts. the fsb ’ s recommendation to develop alternative reference rates alongside libor recognises that there are, broadly speaking, two main applications for benchmark interest rates : ( i ) as reference rates in credit products, including bank loans, thereby helping banks to hedge their unsecured funding costs ; and ( ii ) as reference rates in derivatives contracts, whose users are likely to be seeking to hedge exposure to the general level of interest rates, or to hedge secured funding costs. libor originated as a reference rate for bank loans, and became the dominant reference rate in interest rate swap contracts because it was already the major established reference rate at the time the swap market developed. however market participants ’ input to the fsb report suggested that many users of derivatives would prefer not to have exposure to banks ’ term funding costs through libor swaps, and would instead prefer those contracts to reference a near risk - free rate. this change will not happen spontaneously – liquidity in long - dated swaps is firmly concentrated in contracts referencing libor and no individual player can change that situation. what is required is a collective effort to change market practice. that is why we have initiated the working group on sterling risk - free reference rates. it will be tasked with identifying a