*  *  *  As always, it is a great pleasure to be here in Montréal, and I would like to thank the Canadian Club for inviting me to address its members this afternoon. I would like to take this opportunity to speak in some depth about international economic developments.
The PBC will continue the sound monetary policy, maintain policy continuity and stability, strengthen coordination between local currency and foreign currency policies, make the monetary policy more forward-looking and effective, maintain the steady growth of money and credit, promote financial reform and opening-up, preserve financial system stability, further reform foreign exchange management, improve the quality of financial service and contribute to the sustained, balanced, rapid and healthy development of the national economy.