In trade settlement, Hong Kong banks handled a phenomenal amount of RMB2.9 trillion in the first half of 2014, as compared to the total amount of Mainland’s external trade settled in RMB of RMB3.3 trillion in the same period. Hong Kong has also become the largest issuance hub of offshore RMB bonds or Dim Sum bonds, with a total of 93 issuances in the first six months of this year, amounting to RMB130 billion in value. The total amount of outstanding RMB bonds issued in Hong Kong amounted to RMB380 billion at end-June this year. In addition, the forex and financial derivative markets for RMB have grown steadily over these few years, which, according to SWIFT, have raised RMB from the 20th position of the most used payment currency to the 7th position lately. Most strikingly, the value of payments that go through our RMB Real Time Gross Settlement system has registered a phenomenal growth, reaching an average of around RMB700 billion each working day. 4. I won’t bore you further with the numbers as I am sure you are very familiar with them. Surely it is useful for us to pause, look back, take stock and try to think of ways in which we can continue to excel as we go forward from where we are.
Luis M Linde: Brief review of recent developments in the Spanish economy Testimony by Mr Luis M Linde, Governor of the Bank of Spain, before the Senate Budget Committee in connection with the draft State Budget for 2013, Madrid, 21 November 2012. *  *  *  Ladies and gentlemen, This is the first time I am following the tradition of the Governor of the Banco de España in giving testimony to this House as part of the debate on the State Budget. It is a pleasure to do so. The Budget is being debated this year in a national and international economic context beset by difficulties. Consequently, before analysing fundamental aspects of the Budget, I think it is appropriate to briefly review some of the most significant recent developments in the Spanish economy. I will confine my comments to those developments I consider most important for the debate on this draft law. The international setting and the euro area In the current circumstances, marked by the need to complete a series of difficult adjustments, the Spanish economy’s ability to recover is heavily conditioned by the fragile external setting. On the most recent projections of the main international organisations and most private analysts, the euro area’s gross domestic product – and, therefore, the imports of our main economic partners – will hardly grow next year.