For example, a body whose members are appointed by the King would not be “independent” of the King (or the ministry).” Source: “The constitutional power to delegate decision-making authority to “independent” bodies”. Appendix 5 to NOU [Official Norwegian Report] 1997:19: Better privacy protection. 42  We can refer to Norges Bank’s reputation survey. In an otherwise positive report, some respondents were of the view that Norges Bank is closed and somewhat unresponsive. See Press release 24 June 2010. 43  See Section 3 of the Norges Bank Act. BIS Review 154/2010  13  Financial stability A challenge for the central bank is that there is a gap between the instruments at the Bank’s disposal in the area of financial stability and the existing expectations that the Bank can ensure the stability of the financial system. If liquidity dries up among banks in Norway or abroad, they are certain to turn to the central bank. The central bank acts as lender of last resort, as it can always supply liquidity in Norwegian kroner. Moreover, the central bank holds foreign exchange reserves that can be made available to the banks in critical situations. But we have no formal competence with regard to financial market regulation and prevention. What we can do is offer advice concerning regulation and set terms for banks’ loans from the central bank.
And there will be more to come. We look forward to the launch of the Shenzhen-Hong Kong Stock Connect, and looking further ahead, the Mainland authorities have announced plans to consider implementing the Qualified Domestic Individual Investors scheme (QDII2) on a trial basis. It’s certainly true that individuals on the Mainland have shown a great deal of interest in diversifying their investment holdings. This is an area where we see Hong Kong having a strong competitive advantage, with our strategic location, our expertise in private banking and wealth management business, coupled with our strong client networks on the Mainland. To  BIS central bankers’ speeches  1  capitalise on these emerging opportunities, we have been liaising closely with the Mainland authorities on QDII2.The second trend is that not only is Chinese capital “going out”, Chinese companies are also increasingly "going out". Outward direct investments (ODI) by China to the rest of the world amounted to RMB758.5 billion in 2014, a 63% rise over the past five years. And, it’s interesting to note that 16% of these flows are settled in RMB, up from a mere 3.7% in 2011. This “going out” trend has been continuing for some time, but has been given fresh impetus by the greater desire of Chinese enterprises to diversify into other non-RMB asset classes. New policy measures by the Mainland authorities, notably the ‘Belt and Road’ initiative, has also played a key role.