We had to design our policy response taking into account the new realities of our financial systems. This time the resilience of domestic financial sectors to adverse shocks, along with the liquidity provided by systemically important central banks, proved to be very important to stabilize international financial markets.
Reflecting partly such policy responses, the Chinese economy may decelerate for the time being but – given the virtuous circle of growth in production, income, and spending – is still likely to continue registering a relatively high pace of growth. 2  BIS central bankers’ speeches  The U.S. economy has been recovering moderately and is likely to continue doing so.