anselmo teng : macao ’ s role as a platform for economic, trade and financial services speech by mr anselmo teng, chairman of the monetary authority of macao, at the 3rd ministerial conference of the forum for economic and trade cooperation between china and portuguese speaking countries, macao, 13 november 2010. * * * honourable ministers, dear guests, ladies and gentlement, the forum for economic and trade cooperation between china and portuguese speaking countries was established in 2003. the forum attaches much importance to economic and trade cooperation development. on the other hand, it embodies integration of different culture while members pay respect reciprocally to different trade practices. all through these years, encouraging results have been achieved via the principle of equality, mutual benefit and diversified cooperation displayed by members of the forum. today, we are holding the 3rd ministerial conference of the forum. we make use of the opportunity to welcome local entrepreneurs and financiers and their counterparts who have come afar. we gather together to voice out our opinions based on which we shall formulate how to better our cooperation. portuguese speaking countries are a market of more than 200 million consumers and endowed with enormous natural resources, which are complementary to the economy of china. in a short span of time of 7 years, the forum has enabled member countries to develop a brand new relationship. industry and trade have flourished, visits and communications among members have become more frequent, the ministerial conference of the forum has been regularized. the forum has promoted interaction in the financial realm and financial institutions of both sides have achieved solid results arising from financial cooperation. we see harmonious atmosphere, equality and mutual benefit in the forum, all of which have enhanced development. integration of east and west cultures and complementary economic development are also being activated rapidly via various vehicles of the forum. in view of its advantageous geographical location and historical background, macao has been playing a vital function as the liaison platform for economic and trade cooperation between china and the portuguese speaking countries. it is a unique city in china when comes to maintaining such special relationship with portuguese speaking countries. in view of its historical backdrop, its relationship with the mainland, particularly in the realm of trade and financial connections, and the benign interactions with portuguese speaking countries, particularly its partnership with financial institutions of these countries, macao has fully displayed its function as service platform in the middle. in the financial sector, as the financial regulator, the monetary authority of macao ( “ amcm ” ) has

opening remarks to finance and expenditure committee. adrian orr, rbnz governor 24 november 2022 ref # x954866 v1. 8 tena koutou katoa it is good to be with you this morning to present our november monetary policy statement. i ’ m joined by assistant governor / general manager of economics, financial markets and banking, karen silk, and our chief economist paul conway, and i acknowledge our other monetary policy committee ( mpc ) colleagues some of whom are with us today or watching online. today we are here to outline our most recent monetary policy statement and the reasoning for our ocr decision. to provide the best context possible for the committee ’ s decision i will refer briefly to the reserve bank ’ s recently published review of our monetary policy actions over the five years endedseptember 2022. 1 the review – undertaken in conjunction with the board of te putea matua and peer reviewed by two independent international experts – is a legislative requirement. it is also a timely requirement from the committee ’ s perspective. over the period reviewed, the global and new zealand economy has experienced historically significant economic shocks, in large part due to the covid - 19 pandemic and exacerbated by russia ’ s invasion of ukraine. policymakers, including the reserve bank ’ s monetary policy committee, are currently dealing with the significant and ongoing implications of these shocks. our monetary policy statement is our most recent analysis of the economic implications for the new zealand economy. on behalf of the committee, we are sorry that new zealanders are being buffeted by significant shocks and inflation is above target. as we ’ ve said before, inflation is no one ’ s friend and causes economic costs. 2 we also want to reaffirm the committee ’ s determination and confidence we will return annual inflation to within our 1 to 3 percent target range. the review highlights several lessons that we are adopting, and we are continuously learning as things evolve. _ _ _ _ _ _ _ _ _ _ _ _ https : / / www. rbnz. govt. nz / monetary - policy / about - monetary - policy / rafimp https : / / www. rbnz. govt. nz / hub / news / 2022 / 07 / monetary - policy - review as our chief economist paul conway explained when we released the review with the benefit of 100 percent hindsight : the committee would have had to lift the ocr to around 7 per cent in early 2020 to have