BIS central bankers’ speeches  3  are raised globally as well. We have made significant progress on our regulatory reform agenda both domestically and internationally, but we still have work to do. I will briefly describe five regulatory changes that have been among the most important in helping the Federal Reserve improve its oversight of the largest institutions.
According to the estimates based on the statistics of the PBC and the CBIRC, in the first 10 months this year, the financial system waive profits of around RMB1.25 trillion in favor of the real economy, through channels including interest rate cuts, the two tools providing direct support for the real economy, fee reduction, and support for enterprises’ restructuring and debt-for-equity swaps.