The growth slowdown in China continued, accompanied by increased volatility in domestic financial markets. This was partly in response to policy changes and persistent concerns regarding the stability of the financial sector. The slower growth continued to impact negatively on commodity prices, further complicating the outlook for commodity-producing emerging markets.
•  On accounting, we have seen progress in the revamping of financial instruments accounting. But we are quite some distance from achieving the objectives of improved, converged standards that are less complex and less prone to amplifying economic cycles. This is a difficult area that we are pursuing vigorously through dialogue between the accounting standards setters, prudential regulators and other stakeholders.