Many structured credit products are tailored for individual investors and have a limited or no secondary market. The Basel II framework has guidelines for what should and should not go into the trading book and these need to be reviewed by banks. In the second pillar of the Basel framework, supervisors will be reinforcing the importance of banks’ stress testing practices.
As a result, we will realize the virtualization of network resources, the intelligent control of network traffic, and the automation of operations management, thus improving business capacity and transaction efficiency. Third, we will engage in the R&D of digital currency and enhance the inclusiveness of financial services. The E-CNY is an important part of the supply-side structural reform of China’s financial sector.