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Read the terms and conditions of the Standing Term Liquidity Facility.

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.

Systemically important payments systems are systems that, because of the size or the nature of the payments they process, could trigger or transmit serious shocks across domestic or international financial systems if they were insufficiently protected against risk. This article describes the overall framework of core principles developed for the design, operation, and oversight of such payments systems. The article reviews the role of the task force established to develop the core principles and examines the core principles themselves. It also examines the role of central banks in overseeing major payments systems and in applying the core principles to them. The focus is on the Bank of Canada's oversight responsibilities under the Payment Clearing and Settlement Act and on Canada's systemically important payments system—the LVTS.

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.

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.

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.

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