*** Distinguished Governor Sethaput Suthiwartnarueput, General Manager Agustín Carstens, President Christine Lagarde, Governor Philip Lowe, Governor Perry Warjiyo, Professor Raghu Rajan, Good morning! On behalf of the People's Bank of China, I would like to extend my sincere congratulations to the Bank of Thailand on its 80th anniversary. It gives me great pleasure to speak at this conference.
I would like to take this opportunity to say something about growth and inflation. I recall that about one or two years ago, we were still debating whether the inflationary pressure was transitory or entrenched. Since the beginning of this year, however, most advanced economies started tightening monetary policies.