*  *  *  Thanks to David Halperin and Eden Hatzvi for their help in compiling these remarks. I am very pleased to have the opportunity to speak at this event today. Australia takes a keen interest in the ongoing process of internationalisation and liberalisation of the renminbi (RMB). I am sure you will hear many interesting perspectives on that subject today.
What is important in this respect is that the reduction of the main refinancing rate is factored fully into rates on the money markets, in order to enable the monetary policy easing to full effect despite already very low interest rates. The negative interest rate we have put in place for banks’ deposits thus ensures that the interest rate corridor, i.e.