It is a pleasure to attend the inaugural meeting of the National Association of Financial Market Institutional Investors (NAFMII). NAFMII’s establishment is a major event in the development of China’s financial markets, and a concrete practice of implementing the spirit of the National Financial Work Conference. On behalf of the People’s Bank of China, I would like to warmly congratulate you.
In the year 1792, a group of twenty four traders gathered under a buttonwood tree at 68 Wall Street, signed the now famous Buttonwood Agreement, and agreed to follow the principles of fair trading in the Agreement. This agreement marked the beginning of industry self regulation in the U.S. financial sector.