to be markedly undervalued, and it is claimed that a rise in the renminbi will slow exports from china to the united states, which according to some, will create increased job opportunities for americans at home. the story on trade and jobs, in my judgment, is a bit more complex, especially with respect to china, than this strain of conventional wisdom would lead one to believe. if the renminbi were to rise, presumably u. s. imports from china would fall as china loses competitive position to other low - wage economies. but would, for example, reduced imports of textiles from china induce increased output in american factories? far more likely is that our imports from other low - wage countries would replace chinese textiles. despite the very large surplus of china ’ s trade with the united states, overall chinese trade is much closer to balance. chinese exports, a majority of which are from foreign - owned firms or affiliates, many american, depend on purchases from east asian companies that supply inputs to the products the chinese sell to the united states and elsewhere. emerging asia used to manufacture many goods that were then directly exported to the united states. however, a growing fraction of these goods are now partially assembled with capital - intensive, high - value - added manufacturing in the rest of emerging asia ; exported to china, where final processing is done - typically with labor - intensive, lower - value - added manufacturing ; and then exported to the united states. this situation implies a deterioration in the chinese trade balance with the rest of emerging asia, along with a growing surplus with the united states. in large part, the increase in china ’ s share of u. s. imports has come at the expense of other east asian exporters. statement to the committee on ways and means, u. s. house of representatives, october 30, 2003. china ’ s imports overall have risen dramatically over this year, from approximately $ 25 billion per month a year ago to $ 33 billion per month more recently, as china has become a major consumer of the world ’ s commodities. doubtless, part of the recent firmness in non - high - tech commodity prices is attributable to china ’ s voracious appetite for raw materials. * * * a rise in the value of the renminbi would be unlikely to have much, if any, effect on aggregate employment in the united states, but a misaligned chinese currency, if that is indeed the case, could have adverse effects

zeti akhtar aziz : the financial well - being journey – building on the momentum and identifying new paths opening address by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the malaysia - oecd high - level global symposium on financial well - being, kuala lumpur, 30 september 2015. * * * it is my great pleasure to be here at this global symposium on financial well - being, an important area of priority in the current world economic environment. bank negara malaysia is most pleased to host this important event in collaboration with the oecd. let me extend a very warm welcome to all delegates to kuala lumpur and to our facilities here at sasana kijang. the advancements in the provision of financial services in these recent few decades have had a transformational impact on financial well - being. key features of this transformation have been the greater diversification of financial systems and the increased leverage on the advancements in technology. today, a growing share of financial intermediation is supported by a wider range of financial products and services that are not only being offered by banks but also by capital markets and non - bank financial intermediaries that are now assuming a larger role in the financial system and the economy. this has contributed to greater flexibility in managing financial risks and it has expanded the avenues for businesses and households to meet their financial needs and goals. advancements in technology have also improved access to financial services to be undertaken more effectively. it has also contributed to lower costs of financial services. additionally it has supported the development of a broad range of financial services, including advisory and product aggregation services that allow for more informed financial decisions. ongoing regulatory and supervisory reforms, particularly in this recent decade, have further reinforced the potential benefits of financial development – by improving the resilience of financial systems to disruptions and reducing the harm it could have to consumers that may arise from market failure and financial crisis. for the benefits of financial development to be fully realised, it needs to be complemented with the effective use of the financial system by consumers and businesses. with economic progress, individuals need to assume greater responsibility for financing their lifetime financial needs that may include education, healthcare and retirement. in addition, easier access to credit has also increased the risk of households falling under the crippling weight of excessive debt burdens, while the challenges associated with operating in a more complex financial system have also increased the vulnerability to inappropriate financial risk taking and