I strongly support the goals of the proposal and look forward to contributing to the important work underway, again led by Vice Chair Brainard. So, to wrap up, I have tried to lay out my approach and a bit of my near-term agenda, as Vice Chair for Supervision, for making the financial system safer and fairer for households and businesses.
We can make use of the implementation of the “Guangdong-Macao Cooperation Framework Agreement”, and stick to the principle of servicing the real economy, in order to encourage and promote the programmes under cooperation to be denominated in RMB, and hence more RMB cross-border business. However, nowadays only remittances relating to individuals and cross-border trade are allowed to be transferred.