are kept in check and productivity enhancements are achieved. the role of chartered accountants from the above it is clear that we face many challenges in the years ahead of us. the global recovery may continue to take several years before output gaps are closed. domestically we have significant structural challenges to overcome, but i believe that all of us, including the accounting profession, have an important role to play in this regard. the profession can make a tangible contribution towards ensuring that our businesses and public sectors are appropriately capacitated to deal with their many challenges, using the bis central bankers ’ speeches skills and knowledge that members acquire during their academic and practical training, including analytical capability, professionalism, integrity, understanding complexity, etc. it is also important that members of the profession respond positively to the call of public service. members should not merely become service providers to the public sector, they should also join the ranks of the public service in order to address the shortage of skills within that sector. in this context, they have much to contribute to root out corruption, design monitoring and early warning systems so as to ensure improved service delivery, institute controls that would minimise instances of wasteful and fruitless expenditure, and design reports so that politicians, officials, and other stakeholders have access to accurate and timely information. this should contribute to improved decision - making and policy outcomes. in time, the baton will pass to you and you will assume leadership positions both within the professional service firms, but also in the private and the public sectors. i do hope that you will do your best to strive to uphold not only the professional and ethical standards that is expected of you, but that you would in fact improve it further and ensure that in the process you tirelessly work towards both transforming the profession but also ensuring that it grows in an inclusive way. conclusion in order for us as a nation to move forward it is important that we all own up to the responsibility that we have to ensure that south africa reaches its full potential and, that it thrives and succeeds at all levels. as newly qualified chartered accountants many of you have a particular contribution to make to improve our competitiveness and performance, both domestically and within the global context and in that way help to improve the lives of all our people. once again, allow me to congratulate you on your outstanding achievement and be assured that we will be closely watching your progress. i thank you. bis central bankers ’ speeches

xiaochuan. during his long career, dr. zhou has served as a seasoned and successful banking executive, and as a reformist government official. he retired from the people ’ s bank of china ( pboc ) after serving for a record period of 15 years as governor. he was also a member of the pboc ’ s monetary policy committee from 2003 to 2018. 8. after completing his phd in automation and systems engineering from the tsinghua university, dr. zhou worked at multiple economic and financerelated positions, and quickly proved himself to be a capable technocrat, administrator and policymaker. he served as : vice - governor of the bank of china from 1991 to 1995 ; vice - governor of the people ’ s bank of china from 1996 to 1998 ; president of the china construction bank from 1998 to 2000 ; and then chairman of the china securities regulatory commission from 2000 to 2002. he distinguished himself during the asian financial crisis of the late 1990s by helping keep china ’ s currency stable page 4 of 7 while at the same time protecting the chinese economy from adverse trade shocks. 9. but it is arguably dr. zhou ’ s role as the governor of the people ’ s bank of china that won him international acclaim. he stood out for his integrity, intellectual aptitude and the bold reforms introduced during his tenure that have ably served the public interest in china and allowed the country to emerge as a global economic powerhouse. dr. zhou played a pivotal role in his country ’ s exchange rate and interest rate liberalization, financial services and capital market reforms, and capital account convertibility in china. all of these reforms were enacted on the basis of robust theoretical and empirical foundations. dr. zhou actively pursued the internationalization of the renminbi, to minimize the systemic risks to the global economy by diversifying the basket of reserve currencies and addressing triffin ’ s dilemma, which is the predicament that reserve currency - issuing countries face while trying to simultaneously meet the needs of the domestic and the global economy. he has advocated for a formal settlement mechanism, and regretted that john maynard keynes ’ s farsighted idea of ‘ bancor ’ was not accepted at the bretton woods conference. 10. dr. zhou ’ s rich legacy at the people ’ s bank of china can be gauged from the bank ’ s emergence on the global level as a macroeconomic problemsolver. the inclusion of the renminbi in the imf ’ s sdr basket