To restrict exchange rate flexibility, capital controls are used. At present, Chinese control the outflow of capital. The Chinese savings rate is extremely high (40 percent), but interest rates offered to Chinese investors are relatively low. Therefore, an opening up of the capital account could lead to high outflows of Chinese capital, causing difficulties for the banking sector.
In this sense, the dynamic interaction between supervisory data needs and statistical reporting will be a challenging process. In what follows, I will highlight several dimensions in which this interaction can be particularly fruitful, building on the experience of Banco de Portugal. Banco de Portugal has been gradually developing a data system based on microdata.