- committee of the exchange fund advisory committee, mature and arrangements put in place, in collaboration with the industry. allow me to conclude with a commercial targeted at retail investors. the exchange fund notes are a very safe investment – you are putting your money with the exchange fund, which is managed by the hkma. the exchange fund notes provide you with a steady stream of fixed - interest income that is higher than interest on bank deposits. the exchange fund notes are highly liquid – you can sell them any time you want. there are 26 market - makers appointed by the hkma to make a market in exchange fund paper. the exchange fund notes have a transparent and efficient price discovery system – up - to - date prices and yields can be easily found in newspapers and the financial media. but we all should not forget, of course, that the prices of exchange fund notes can go up as well as down, depending on the level of interest rates. end of commercial. thank you.

- and steel - intensive way of life and a more protein - rich diet. that fact is fundamentally changing the shape of the world economy. even if china ’ s growth rate moderates this year, as it seems to be doing, these structural forces almost certainly will continue. it is worth noting in this connection that many commentators have for years been calling on policymakers in the emerging world to adopt growth strategies that rely more on domestic demand and less on exports to major countries. this is happening. it carries the implication we define “ business services ” as those where the end user is more often a business than a household. the category encompasses the following sectors : information, media and telecommunications ; financial and insurance services ; rental, hiring and real estate services ; professional, scientific and technical services ; and administrative and support services. bis central bankers ’ speeches though that, first, more of the marginal global spending dollar is going to products that are steel -, energy - and protein - intensive for the emerging world ’ s consumers and less on other things like, say, luxury property in western countries. secondly, more of the marginal production of the world economy has to be in those raw material intensive products – and in the raw materials themselves – and less in the production of the other things. ultimately there will be enough steel, energy, food and so on to meet demand – supply is responding. but considerable adjustment is needed to get there ( and australia is a very prominent part of that adjustment ). the average consumer in an advanced economy is effectively experiencing a decline in purchasing power over food, energy, and raw material - intensive manufactures. australian consumers face this to some extent as well. were australia not a producer of raw materials, we would be experiencing a good deal more of it. in such a world, there would be no resources sector build up. our currency would be much lower. we would be paying much more for petrol at the pump, for our daily coffee and for a wide range of other consumer products. we would not be holidaying overseas in our current numbers. we would have more of some other forms of economic activity that we currently have less of – we would, perhaps, be less of a “ multi speed ” economy. but it ’ s unlikely our economy overall would be stronger. as it is, the rate of unemployment has seldom, in the past few decades, been much lower than it has been recently. moreover, in that alternative world the real income of australians in aggregate would be a