To fend off financial risks, the PBOC is working on keeping macro-leverage ratio basically stable, resolving the risks of a handful of financial institutions, such as the Baoshang Bank, and 1/2  BIS central bankers' speeches  replenishing capital, for small and medium-sized banks in particular. Apart from the above policy responses, we are also moving ahead on the following two fronts.
Closing remarks Today, I have discussed the conditions of global financial markets and the world economy, the economic situation in Japan, and the conduct of monetary policy, and also presented some outlook for the coming year. Currently, the world economy is in a severe situation never experienced for many years that I may venture to call a crisis situation.