approved to establish the first foreign controlled insurance company in china ; the standard and poor ’ s has received a credit rating license in china ; american express is creating a joint venture in china and it has been approved to start preparation to provide electronic payment service in china. on financial market opening, china has been working to expand access to the onshore bond, stock and derivatives markets in line with international standards, mostly by offering more channels for cross border investment flows, and improving institutional arrangements. these efforts have contributed to increased openness, stronger competitiveness and greater influence of the chinese financial markets, which have been widely acknowledged in international markets, as highlighted by the inclusion of china ’ s a shares in the msci index in june 2018, and the announcement by ftse russell in september 2018 on including a shares in its key emerging market indexes. overseas investment in china ’ s bond market increased by nearly 600 billion yuan in 2018, and the outstanding investment by overseas bond investors has reached 1. 8 trillion 1 / 5 bis central bankers'speeches yuan. moreover, bloomberg has confirmed that it will include chinese bonds in its bloomberg barclays global aggregate index starting in april this year. reforming the rmb exchange rate regime has also made progress. china remains committed to market based reforms, which we believe are essential for improving the managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. the people ’ s bank has largely phased out regular interventions in the foreign exchange market, and the rmb has become more flexible. market participants are able to adapt to this increased flexibility. ii. further financial sector opening - up is a task that we must continue carrying out financial sector opening is a key component of china ’ s broader opening up strategy. further opening is an independent policy choice we have made. it is essential for the development of the financial sector and a necessary step towards deepening supply - side structural reform in the financial sector and quality development of the real economy. first, the financial sector is in essence a competitive service industry. the financial sector and financial markets have three major functions. the first one is efficient resource allocation. the savings rate is high in china. on the one side are those who save money, on the other side are those who need money. the financial sector performs the function of asset allocation in that it allocates them to banking, securities and insurance products and transforms savings into financial assets. in addition, more and more institutional investors need to invest in

sarah bloom raskin : focusing on low and moderate - income working americans speech by ms sarah bloom raskin, member of the board of governors of the federal reserve system, at the national community reinvestment coalition annual conference, washington, dc, 22 march 2013. * * * i am delighted to be here at the national community reinvestment coalition ( ncrc ) annual conference today, and to be gathered with so many people who have been working for decades to strengthen communities and the integrity of our nation ’ s economic institutions and financial practices. those of you involved in community development and community reinvestment know all too well the trauma and hardship experienced by low - income communities over the last several years. you know it in a way that is lost on people whose communities have not been so badly battered by these economic storms. that ’ s why i ’ m looking forward this morning to sharing with you my perspective on the importance of focusing on the situation and prospects of low - and moderate - income working americans. in my remarks, i will start by discussing the types of jobs being generated in the current recovery. certainly, the pace of recovery in employment has improved, but it ’ s important to look at the types of jobs that are being created because those jobs will directly affect the fortunes and challenges of households and neighborhoods as well as the course of the recovery. i will then suggest that we think about how the absence of a substantial number of new high - paying jobs, when combined with changes in the landscape for financial services, affects access generally to affordable, sustainable credit. finally, i will explore some of the monetary, supervisory, and regulatory touchpoints in which the situation and prospects of low - and moderate - income working americans can be addressed. challenges posed by labor market conditions the great recession stands out for the magnitude of job losses we experienced throughout the downturn. these factors have hit low - and moderate - income americans the hardest. the poverty rate has risen sharply since the onset of the recession, after a decade of relative stability, and it now stands at 15 percent – significantly higher than the average over the past three decades. 1 and those who are fortunate enough to have held onto their jobs have seen their hourly compensation barely keep pace with the cost of living over the past three years. 2 while today ’ s 7. 7 percent unemployment rate is a marked improvement from the 10 percent rate we reached in late 2009, it is still higher than the unemployment rate for the 24 years before the great recession