But you too – Italy’s banking foundations and banking system – have done much in these years to cope with the crisis by increasing resources, making sacrifices, changing operating rules, and aligning incentives with results, and you deserve ample credit for this.
More recently, there was the negotiation of a quota to allow financial institutions based in Australia to invest in approved mainland Chinese securities under the Renminbi Qualified Foreign Institutional Investor Scheme – better known as RQFII. Finally, I note the RBA has invested a small proportion of Australia’s foreign currency reserves in RMB. Official initiatives like these help to lay the groundwork.