Esteemed Guests, Ladies and Gentlemen, good evening.

I am very delighted to be here, at the Launch Ceremony of the International Board of the Shanghai Gold Exchange. This event is a major milestone in China’s opening of its financial market to foreign investors. On behalf the People’s Bank of China and our honored guests at this key event, I would like to express heartfelt congratulations to the Shanghai Gold Exchange.

Our Premier Li Keqiang came to the Free Trade Zone this afternoon as a show of encouragement for the unveiling and launch of the International Board. He also invited Mayor Yang Xiong and I to attend the launch ceremony this evening to offer his congratulations, as well as to express his hope that the International Board be shaped into a marketplace with global influence. The Premier especially stressed that “Shanghai Gold” has attracted great attention and carries much hope from the investing public.

Gold market is an important and integral part of China’s financial market. We are now the largest gold producer, as well as the biggest gold importer and consumer in the world. In recent years, the People’s Bank of China has taken to heart the national policies and guidelines on greater reform and opening-up of our entire financial sector, and made steady improvement to laws and regulations of the gold market, promoted its well-regulated growth and development, and was the main driver in transforming China’s gold market from a market for commodities into a market for financial products; from a market for purely spot trading to a market offering both spot and derivatives trading; and from a domestic market into an international one. The Shanghai Gold Exchange has been keen to adapt to market trends, and has taken major strides in improving its market rules, offering new and innovative gold products, and opening up to foreign investors. The Shanghai Gold Exchange has achieved a record gold trading volume of 11,600 tonnes in 2013, and has been the largest exchange for spot gold products in the world for years. Our gold market has expanded substantially both in its depth and breadth, and plays an increasingly important role in diversifying our financial market system and helping our financial market allocate resources.

The period starting from today and onward into the foreseeable future will be critical to Shanghai Gold Exchange in implementing its accelerated and strategic growth and making an impact on the global stage. Through a series of important initiatives, such as the launch of the International Board for gold trading, the building of “Shanghai Gold” standard, as well as the push toward transforming Shanghai into Asia’s premier gold re-export center, Shanghai Gold Exchange has showed its determination in seizing the opportunities of our time, driving toward greater innovation, and promoting the steady opening of gold market to international traders. Such initiatives also mark a solid step in realizing the goals of the central government on greater reforms.

By pooling the advantages offered by the Shanghai Free Trade Zone, Asian time zones, and pricing in RMB under a single marketplace, the International Board will bolster China’s gold market toward greater trading volume and centralization, further highlight the price discovery function of the gold market, enhance China’s financial market system and improve its efficiency; the International Board will also help cement Shanghai’s competitiveness and influence as a global financial center, as well as promote the joint development of the Shanghai Free Trade Zone and Shanghai as a global financial center.

After the launch of the International Board, the Shanghai Exchange will be well served by taking lessons from the most current international development and expertise, fully utilizing the advantages afforded by the Shanghai Free Trade Zone, attaining the highest standards and requirements that a world’s leading gold exchange should aspire to, and providing investors with the best, most efficient trading, clearing, custody, transshipment and delivery services possible. Shanghai Gold Exchange should take proactive measures to meet market demands, develop new and innovative products, further increase both the depth and breadth of the gold market, and help our gold market gain greater influence in the world. It should also implement actionable measures for risk mitigation and control, dedicate itself to the wellbeing of the trading market, and do its utmost to prevent systemic risks. The People’s Bank of China will continue to support the sustainable growth and sound development of the China’s gold market.

Finally, I’d like to wish that the International Board of Shanghai Gold Exchange enjoy a lasting success and make even greater contributions toward building a multi-level financial market in China. To all the members who are about to trade on the International Board, I wish that you can take full advantage of the opportunities before you and reach new heights. Lastly, I look forward to seeing the latest outstanding achievements from the Shanghai Free Trade Zone in our country’s bid toward reform and opening up.

Thank you very much.