. the bundesbank welcomes all these initiatives and sees them as a step in the right direction, towards the free movement of capital. the hkma ( 2013 ) : monthly statistical bulletin ( june 2013 – issue no. 226 ), abrufbar http : / / www. hkma. gov. hk / eng / market - data - and - statistics / monthly - statistical - bulletin / table. shtml. swift value analyser ( oktober 2012 ). swift value analyser ( oktober 2012 ). bis central bankers ’ speeches unter : high level of interaction between china ’ s and germany ’ s real economies highlights the necessity for a more active renminbi trade, perhaps even using germany as a hub. i would like to conclude with this ideas and l look forward to discussing with you the potential in and for frankfurt as a financial centre for renminbi, and perhaps at the end of our discussion, we will be able to answer the question together as to what opportunities this may hold for frankfurt. thank you very much for your attention. bis central bankers ’ speeches

claudia buch : presentation of the 2014 financial stability review speech by prof claudia buch, deputy president of the deutsche bundesbank, at the unveiling of the deutsche bundesbank ’ s financial stability review, frankfurt am main, 25 november 2014. * 1. * * introduction today is the ninth time the deutsche bundesbank is presenting its financial stability review. for some of you here today, this is no doubt a routine event. but for me it ’ s something of a first. so i am particularly delighted to welcome you all here today. even though the bundesbank has published its financial stability review on nine occasions now, the task of safeguarding financial stability is actually a new statutory mandate that has been given the bundesbank. it was only last year that the german federal government established the financial stability committee. the decisions made by this committee are based on analyses prepared by the bundesbank. the bank is likewise a member of major committees at the european level which deal with financial stability matters. the bundesbank defines financial stability as the financial system ’ s ability to perform its key macroeconomic functions, and particularly so in periods of stress and upheaval. this is naturally a very broad definition that needs to be fleshed out in greater detail. we do this by focusing on two crucial questions : are investment decisions being distorted by moral hazard? this moral hazard can arise from implicit or explicit government guarantees, for instance. but equally, it can also emanate from low interest rates and an ample supply of liquidity by central banks. this spurs investors to search for higher yields – even if it means taking on the elevated risks associated with these superior yields. this brings me straight to the second question : how well equipped is the financial system to fend off risks that materialise? capital plays an absolutely vital role in this regard. after all, the more capital a bank has, the more stable is not just the individual bank, but also the entire financial system, and the better it is shielded against the risk of revaluations – meaning greater stability all round. it is for this reason that the financial stability review seeks to identify signs of potential systemic instability early on. we examine whether the financial system is sufficiently resilient to withstand a number of downside scenarios. 2. main findings of the financial stability review so what are the main findings of the financial stability review? 1. there are incentives for investors to engage in riskier behaviour in the current