Pan Gongsheng: Global financial cycle - trends and implications Keynote speech by Mr Pan Gongsheng, Deputy Governor of the People's Bank of China and SAFE Administrator, at the 14th Lujiazui Forum, themed "Global Financial Opening-up and Cooperation: New Drivers for Economic Recovery", Shanghai, 8 June 2023. *** Distinguished Party Secretary Chen, Mayor Gong, President Rousseff, and dear guests, Good morning!
The topic of my speech today is "Global Financial Cycle: Trends and Implications". Since the 1990s, the financial indicators such as asset prices, credit growth, bank leverage ratio, and cross-border capital flows have resonated with each other across the world, especially in some developed economies such as the United States and Europe. Over the medium and long term, financial activities witness obvious periodic fluctuations.