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Month-end statement of assets and liabilities as required by the Bank of Canada Act. The figures for the last two reference periods are preliminary and are subject to revision.

Despite having the world's largest GDP when measured in terms of purchasing-power parities, the third-largest share in world exports, and the world's largest foreign exchange reserves, China has only a minor role in the global financial system. Its banks have a modest international presence; China's currency, the renminbi, is virtually not used outside the country; and Chinese capital markets are not a significant source of financing for foreign borrowers. China's modest level of integration into the global financial system is explained by the emphasis given to domestic policy priorities. As the Chinese economy matures, and as reforms strengthen the domestic financial system, China will become more important in global financial markets. Changes are already occurring as China's financial might is being channeled towards overseas investments, and the authorities have committed to greater exchange rate flexibility. These changes will facilitate integration into the global financial system. In this article, the authors describe the current situation and speculate on the future evolution of Chinese financial institutions and markets.

These imbalances reflect the financial flows associated with mismatches in savings and investment on a global scale. Since the late 1990s, many economies outside the United States have increased their net national savings.

In his address to the 17^th Annual Economic Forum of the Americas, Senior Deputy Governor Tiff Macklem discusses the G-20 financial reform agenda and the role of central banks in mitigating systemic risk.

This supervisory policy outlines the roles of the Executive Director of Payments, Supervision and Oversight and the Managing Director of Supervision. It also describes their responsibilities related to the Bank of Canada’s retail payments supervision mandate.

Deputy Governor Lawrence Schembri calls for a collaborative approach to achieving a payments system that is innovative, safe, and efficient.

Canada’s financial system remains resilient. Over the past year, households, businesses, banks and non-bank financial institutions have continued to proactively adjust to higher interest rates. But this adjustment is not yet over and continues to present risks to financial stability. Key risks include those related to debt serviceability and asset valuations.