The emergence of China as the world’s largest exporter and the second largest economy has been first a gradual and then intensifying epoch-making tectonic shift of the global economy during the past four decades.
The Board also has oversight responsibilities in the high-value system as well as for clearing and settlement facilities in Australia, and it has been increasingly devoting attention to the second of those areas. I expect that trend will continue, given the rapid changes that are taking place internationally. Today, though, I want to focus on our work on retail payments.