with operating instructions and commands in vernacular language would greatly facilitate the financial inclusion of the semi-urban populace at an affordable cost, and cooperative banks with a local touch and feel can address these issues in a big way. The Reserve Bank’s endeavour has been to strengthen the UCBs so that they run on sound principles without posing any systemic problems.
As I have said on a number of previous occasions, the internationalisation of the RMB and the associated capital  http://www.rba.gov.au/speeches/2017/sp-gov-2017-09-08.html  2/3  9/8/2017  Remarks at the Bank of China Sydney Branch's 75th Anniversary Celebration Dinner | Speeches | RBA  account liberalisation in China is likely to be one of the biggest forces shaping the global financial system over the next decade or so.