This is where our representatives here in Beijing come into play. Their task is to build networks, to share information and ideas, to explain the Bundesbank’s positions and to facilitate cooperation. For the past three years, Winfried Liedtke has served as the Bundesbank’s representative in Beijing. And judging from the distinguished crowd gathered here today, he has done an excellent job.
We will continue to vigilantly monitor and take the needed steps to sustain macroeconomic stability and strengthen financial stability. Since the last quarter of 2013, fiscal pressures, the pass-through effects of fuel adjustments, and exchange rate depreciation steadily pushed up inflation further away from the mediumterm target band of 8±2 percent.