In addition, we need to continue to make progress in setting rigorous international standards, clarifying the responsibilities of national regulators of internationally diverse financial institutions, and preventing regulatory arbitrage. We also need to continue to work toward an international monetary system characterized by more-flexible exchange rates and independent monetary policies.
Our third quarter growth rate is 3.9% on a year-on-year basis. But as you see, we have a pretty accommodative monetary policy in place to help with economic recovery and maximize employment. And our focus is growth right now. We recently cut the Required Reserve Ratio (RRR) by 25 basis points, and also led the market interest rates lower a little bit.