It will take some time to get to this point, but it is clear that what happens in China matters to us all, and increasingly so. Given this, the Reserve Bank of Australia has devoted considerable resources to understanding China and its economy.
And its guiding principle for banking supervision must be: financial conglomeration and market globalisation, in particular, call for closer cooperation in the field of banking supervision between the responsible national authorities and between the international supervisory bodies for banking, insurance and securities operations.