With the resulting firm anchoring of market rates to the IRC, we were able to reduce reserve requirements ratio (RRR) by a total of 200 basis points as operational adjustments. This keeps us on track of the medium-term goal of a phased and gradual approach in reducing RRR to single-digit level.
We also continued to liberalize foreign exchange rules and pursued improvements in the governance framework of the FX trading market. We likewise implemented measures to further develop the domestic capital market. These include enhancement of rules to facilitate bank bond issuance, paving the way for more private bond issuances.