Transmission of monetary policy in an environment of negative policy rates After the DFR was lowered into negative territory, the entire 3-month Euribor forward curve shifted down further and eventually traded fully in negative territory, and it even started to exhibit a slight inversion (Chart 2).
We have also introduced the Qualified Foreign Institutional Investors scheme, allowing the investment of foreign capital in China’s security markets. Through these reforms, we will build a strong financial system able to support the sustained, stable, and rapid growth of China’s economy. BIS Review 58/2004  1  The recovery of the Hong Kong SAR economy continues.