Chuchi G Fonacier: Continuity Plus Plus in the Domestic FX Market

Speech by Ms Chuchi G Fonacier, Deputy Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), on behalf of Governor Nestor A Espenilla, Jr, during the signing ceremony of the Memorandum of Agreement (MOA) of the members of the Philippine RMB Trading Community; Makati City, 30 October 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
06 November 2018

Mr. Deng Jun, Bank of China Manila Branch Country Head, Bank Heads participating as initial members of the Philippine Peso - Renminbi trading community, partners in the financial services industry, ladies and gentlemen, good afternoon.

I am delivering this message on behalf of Governor Nestor A. Espenilla, Jr.

The Governor conveys his sincere congratulations to each one who toiled to bring about today's landmark signing of the Memorandum of Agreement (MoA) establishing a local Renminbi trading market. He wishes he was here to witness this milestone.

Governor Espenilla and the Bangko Sentral ng Pilipinas (BSP) fully support the signing of the MoA. It signals the start of a non-discriminatory and well-functioning trading community. It diversifies currency options and strengthens the FX market governance framework. It builds trust and investor protection mechanisms, supports product innovation and market development.