This strong economic growth was achieved with inflation remaining low and stable. At 3.2% in 2012, inflation was well within the target range set by the National Government. This tells us that our monetary policy settings remain supportive of non-inflationary growth.
I shall talk in more detail about the Frankfurt clearing bank in a moment. However, I first want to point out where the renminbi currently stands in its process of internationalisation, and what conditions were necessary for the transformation from a trade currency to an investment currency, and what needs to be fulfilled becoming an international reserve currency. 2.