Another example is our country’s concern with real exchange appreciations. In the graph below it is possible to see that every financial crisis we had in the last 50 year was preceded by a deep and gradual appreciation of the real exchange rate followed by a sudden and sharp depreciation.
Apart from techniques to be deployed in our supervisory work, such as AML/CFT, principles based approach in supervision and governance, we shall discuss our future role in a number of areas with a view to perfecting our mission in upholding global financial integrity. In addition, we shall review the action plans of individual members, including that of Macao, and accession of new members.