We found that the maximum appreciation which the New Zealand dollar experienced during the decade (measured on an inflation-adjusted, trade-weighted, basis) was, to be sure, at 29 per cent rather greater than that experienced by the Australian dollar (at 20 per cent), but was closely similar to the maximum trough-to-peak appreciation experienced by the German mark (27 per cent), the United States dollar BIS Review 42/2000  2  (also 27 per cent) and the British pound (31 per cent), and very substantially smaller than that experienced by the Japanese yen (62 per cent).
Upon the 20th anniversary of Hong Kong’s return to the motherland in 2017, Bond Connect was officially put into operation, which has connected the bond markets of the Chinese mainland and Hong Kong, marking a major milestone in deepening the opening-up of China’s financial markets.