Since settling on the 2 per cent target for inflation at the end of 1995, actual inflation has averaged very close to 2 per cent. And it has remained within the 1 to 3 per cent target range, with only rare exceptions. We expected our credibility to increase and inflation expectations to become well anchored - and this has also happened.
First, developing the inter-bank bond market is in urgent need for financing restructuring. With the deepening of the financial reform, some deep-rooted problems gradually emerged, a serous one of which was the excessively high ratio of indirect financing.