strong advocate for international cooperation on green finance. together with singapore and other countries, we have supported global climate governance, including through platforms such as the g20, the network of central banks and supervisors for greening the financial system ( ngfs ), and the international platform on sustainable finance ( ipsf ). first, we included green finance in the agenda of china ’ s g20 presidency in 2016, when the g20 green finance study group was set up and helped build consensus on green and sustainable finance. second, we jointly established the ngfs in december 2017, along with the bank of england, the bank of france, the monetary authority of singapore and other partners. 1 / 2 bis central bankers'speeches third, we jointly launched the ipsf work on common ground green taxonomy. in october 2019, the pboc joined the ipsf with the aim to mobilize private funds for environmentally sustainable investment, together with public institutions from the eu, singapore and other countries. china and the eu have recently set up the taxonomy working group under the ipsf. green finance has great potential as more countries commit to carbon neutrality. the pboc will focus on the following priorities to better support green recovery and green transition. first, we will further improve green finance standards to support the carbon neutrality objective. as we update our standards for green credit, green bonds and green funds, we will make sure projects supported by the green finance standards do not compromise our climate objectives while supporting environmental goals. second, we will consider the possibility of mandatory requirements for financial institutions to disclose environment related information. third, we will enhance capacity for analyzing and managing environment and climate risks. the pboc will strengthen study on the potential impact of environment and climate risks on financial stability. fourth, we will provide easier access for international investors to china ’ s green finance market. we will promote harmonization of green finance standards at home and abroad by updating domestic standards and strengthening international cooperation. in addition, the pboc will continue to harness fintech in promoting green finance. in our green finance pilot zones, we have made efforts to embed fintech in green finance. for example, in huzhou city, the local government established an integrated green finance service platform by using big data technology. it reduces the asymmetry on environment - and climate - related information, and bridges green projects and financial institutions. it also allows the pboc to monitor green loans provided by banks as well as other underlying data.

zhou xiaochuan : tenth anniversary of the china foreign exchange trade system speech by mr zhou xiaochuan, governor of the people ’ s bank of china, on the tenth anniversary of the china foreign exchange trade system ( cfets ) and the opening ceremony of the forum on china ’ s money market, shanghai, 16 april 2004. * * * distinguished delegates, ladies and gentlemen : good evening. i ’ m very delighted to be with you on the tenth anniversary of the cfets and the opening ceremony of the forum on china ’ s money market. ten years ago the china foreign exchange trade system ( cfets ) was set up in shanghai as part of the efforts to reform the rmb exchange rate system. starting from this, china began to construct a modern platform to offer trading, information and supervision services to the interbank market. based on this platform, a national unified rmb funding market was established in 1996, the interbank rmb bond market appeared in 1997, and a national unified rmb commercial paper market debuted in 2003. so far, by using electronic telecommunication technology, the cfets has basically formed a national unified trading platform and service system for the interbank rmb money market and fx market, serving all financial institutions in the country. all of these achievements have laid a solid foundation for safeguarding china ’ s financial security, increasing market supervision, improving the monetary policy transmission mechanism, and promoting market - based interest rate and exchange rate reform. the decade of accomplishments in the interbank market evolution is the result of reform and opening - up, as well as the devotion and participation of market participants. on this occasion, on behalf of the people ’ s bank of china, i would like to extend sincere thanks and profound solicitude to the staff of the cfets and all market participants. looking at development trends in the global fx market, we can see that we have enjoyed the latecomer advantage in terms of technology, but there is still a long way to go in market construction and development. the continuous deepening of china ’ s reform and opening - up requires further development of the financial market, and requires us to update the concept according to specific situations and encourage innovation with the future in mind. first, the transitional period for the banking industry after china ’ s entry into the wto ends in december of 2006. with the realization of national treatment for foreign institutions and the gradual deregulation on market accession, china ’ s financial industry will encounter increasing international competition