It says something about the magnitude of the event that it played out during the tenure of two central bank Governors, each of whom were in the role for a decade, and will likely still be an important issue, in the early stages at least, for the next Governor.
Now let me talk about our initiative to reduce our ultra-high reserve requirement ratio to align it with other Asian jurisdictions. Reduced reliance on the reserve requirement for managing liquidity conditions signals a shift towards a more market-based implementation of monetary policy. It is an essential element of a broad financial market reform agenda.