Fourthly, the PBC has strengthen regional financial cooperation through platforms such as ASEAN Plus Three Cooperation, the Shanghai Cooperation Organization and South East Asian Central Banks. Fifthly, the PBC has steadily advanced the development of RMB business in Hong Kong and Macao, consolidated Hong Kong’s position as an international financial center and established a cross-Straits currency clearing mechanism.
6 Such lending activity – which grew particularly strongly over 2013–14 – is captured in the statistics as a sale of AGS by a foreigner to their domestic counterparty. This is despite economic ownership remaining with the foreign lender (who has the obligation to buy back similar securities at some stage in the future).