%PDF-1.3 % 1 0 obj <>>> endobj 2 0 obj <>stream 2018-07-10T11:35:32+08:00 2018-07-10T11:35:33+08:00 2018-07-10T11:35:33+08:00 Adobe InDesign CS6 (Windows) uuid:4c835f5e-c2db-4e7c-b7c8-ea0bf3887262 xmp.did:0010701922F4E6119063B05BA5BC8809 xmp.id:0BA8AB36F283E81189F7F10F17B3E7E6 proof:pdf xmp.iid:D074DD1DBC81E8118529A8D3B168E31A xmp.did:2D8B769EF87FE811A79CD1FEB9AEBB44 xmp.did:0010701922F4E6119063B05BA5BC8809 default converted from application/x-indesign to application/pdf Adobe InDesign CS6 (Windows) / 2018-07-10T11:35:32+08:00 application/pdf Adobe PDF Library 10.0.1 False endstream endobj 5 0 obj <> endobj 3 0 obj <> endobj 7 0 obj <> endobj 8 0 obj <> endobj 9 0 obj <> endobj 10 0 obj <> endobj 26 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 27 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 28 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 29 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 30 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 31 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 47 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (61)Tj 0 0 0 1 k /GS1 gs /C2_0 1 Tf 0.001 Tc -0.001 Tw -37.601 -4.753 Td <0026005200510056004C00470048005500440057004C005200510056>Tj /TT1 1 Tf 0.083 Tw 6.127 0 Td [( [online; )0.5(cited 15 Mar 2018]. )55.6(A)74(vailable from: )0.5(https://www)64.7(.imf.or)18(g/external/)]TJ /C2_1 1 Tf 0 Tc 0 Tw -6.127 -1.667 Td <00510053001200530053001200480051004A0012001500130014001900120013001A001500170014001900110053004700490011>Tj 0.002 Tc -0.002 Tw -2.362 -1.667 Td [<002E00550048004A0048004F000F0003>-82.5<002D0011000F0003>-82.4<0015001300140018000F0003>-82.4<00B30028005000480055>18<004A004C0051004A0003>-82.5<005000440055004E0048005700560003>-82.5<0044005100470003>-82.5<0057004B00480003>-82.5<004C0051005700480055005100440057004C005200510044004F0003>-82.5<00BF0051004400510046004C0044004F0003>-82.5<004400550046004B004C0057004800460057005800550048001D0003>-27.3<0024>55.1<0003>-82.5<0045004F0058004800530055004C005100570003>-82.5<004900520055>2<0003>]TJ /TT1 1 Tf 0 Tc 0 Tw 2.362 -1.667 Td (reform,\224 )Tj /C2_0 1 Tf 3.665 -0 Td [<003A>91.8<00520055004E004C0051004A0003003300440053004800550003>]TJ /TT1 1 Tf 6.296 0 Td [(No. 833, Levin Economics Institute of Bard College, New )39.3(Y)100(ork.)]TJ /C2_1 1 Tf -12.323 -1.667 Td [<00300044005500470048004F004F000F0003>-31.7<002D0011000F0003>-32.4<001500130014001A000F0003>-32.1<00B30037004B00480003>-31.8<00B5004600520050005000580051004C0057005C0003>-31.3<005200490003>-32.2<0046005200500050005200510003>-31.7<0047004800560057004C0051005C00B6>74.5<0003>-32.2<004C00510003>-32<003B004C0003>-32.2<002D004C00510053004C0051004A00B6>55.3<00560003>-32.3<00510048005A0003>-32.2<004800550044000F00B40003>]TJ /C2_0 1 Tf 33.56 -0 Td [<0037004B00480003>-32.2<0027004C0053004F0052005000440057>]TJ /TT1 1 Tf 5.56 0 Td (, )Tj -36.758 -1.667 Td [(25 October)55.5(.)]TJ 0.032 Tc 0.083 Tw -2.362 -1.667 Td [(McCauley)64.7(, R. and C. Schenk, 2015, \223Reforming the international monetary syste\ m in the)32.1( )]TJ /C2_1 1 Tf 0.02 Tc -0.02 Tw 2.362 -1.667 Td [<0014001C001A>0.5<001300560003>-82<0044>0.5<0051>0.5<00470003>-82.1<001500130013>0.5<00130056001D>0.6<0003>-64<003A>80.7<00520058004F>0.6<00470003>-82.1<0044>0.6<0003>-82.1<003600530048>0.6<0046>0.6<004C>0.6<0044>0.5<004F>0.6<0003>-82.1<002700550044>0.6<005A004C>0.6<0051004A>0.5<0003>-82.1<0035004C>0.6<004A004B0057>0.6<0003>-82.1<00560058004500560057>0.6<004C>0.6<0057>0.6<00580057>0.6<004C>0.6<005200510003>-82<0044>0.5<0046>0.6<0046>0.6<0052005800510057>0.6<0003>-82.1<004B>0.5<0044>0.5<00590048>0.6<0003>-82.1<005A00520055004E>0.5<0048>0.5<00470022>0.6<00B4>20.2<0003>]TJ /TT2 1 Tf 0 Tc 0 Tw 0 -1.667 TD (International Finance)Tj /C2_1 1 Tf 8.804 0 Td [<000F0003>18.1<0039>128.7<0052004F001100030014001B000F000300310052001100030015000F000300530053001100030014001B001A00B10015001300190011>]TJ /TT1 1 Tf 0.043 Tw -11.166 -1.667 Td [(Nelson, E. and J. I. )18.3(W)80.2(ong, 2018, \223A)55.1( Nobel-winning )0.6(economist )0.9(is part )0.5(of a team )0.9(launching )0.9(a low-)]TJ 0 Tw 2.362 -1.667 Td [(volatility cryptocurrency)66.9(,\224 )]TJ /C2_0 1 Tf 10.792 -0 Td <00340058004400550057005D>Tj /TT1 1 Tf 2.778 0 Td (, 22 March.)Tj 0.019 Tc 0.082 Tw -15.933 -1.667 Td [(Oc)0.7(a)0.7(m)0.6(p)0.6(o)0.5(,)0.5( J.)0.5( )55.2(A.)0.5(,)0.5( 2)0.5(0)0.5(1)0.6(5)0.5(,)0.5( \223)0.7(R)0.5(e)0.6(f)0.5(o)0.6(r)0.5(m)0.6(i)0.7(n)0.5(g)0.5( t)0.7(h)0.5(e)0.7( g)0.5(l)0.7(o)0.5(b)0.5(a)0.7(l)0.7( m)0.6(o)0.6(n)0.5(e)0.6(t)0.7(a)0.7(r)0.5(y)0.5( n)0.5(o)0.5(n)0.5(-)0.6(sy)0.5(st)0.6(e)0.7(m)0.7(,)0.5(\224)0.7( )]TJ /C2_0 1 Tf -0.019 Tw 29.467 -0 Td [<003A>0.5<002C>0.5<00270028>0.6<0035>0.7<0003>-82<003A>92.3<0052>0.5<0055004E>0.6<004C>0.7<0051>0.5<004A>0.5<0003>-82<0033>0.7<0044>0.5<0053>0.5<0048>0.7<0055>]TJ /TT1 1 Tf 0 Tc 0 Tw 9.904 0 Td ( )Tj 0.025 Tc 0.082 Tw -37.008 -1.667 Td [(2015/146, the United Nations University )17.8(W)80.5(orld Institute for Development Economics)24.8( )]TJ 0 Tc 0 Tw 0 -1.667 TD (Research \(UNU-WIDER\), Helsinki.)Tj 0.019 Tc 0.083 Tw -2.362 -1.667 Td [(Palais)-0.6(-Royal Initiative, 201)36.8(1, \223Reform of the international monetary system\227A)54.7( cooperative)14.1( )]TJ 0.015 Tc 0.082 Tw 2.362 -1.667 Td [(approach for the twenty-first century)65(,\224 )]TJ /C2_0 1 Tf -0.015 Tw 16.605 -0 Td [<002A004F005200450044004F0003>-82.4<002D00520058005500510044004F0003>-82.4<005200490003>-82.4<0028005000480055>37.1<004A004C0051004A0003>-82.4<003000440055004E004800570003>-82.4<002800460052005100520050004C00480056>]TJ /TT1 1 Tf 0.005 Tc -0.005 Tw 20.153 0 Td (, )Tj /C2_1 1 Tf -36.758 -1.667 Td [<0039>128.7<0052004F001100030016000F000300310052001100030015000F000300530053001100030014001B001800B1001C00160011>]TJ /TT1 1 Tf 0.007 Tc 0.082 Tw -2.362 -1.667 Td [(Re)0.5(ut)0.5(ers, 2016, \223St)0.5(andard Chart)0.5(e)0.5(re)0.5(d suc)0.5(c)0.5(essful)0.5(l)0.5(y i)0.5(ssue)0.5(s SDR bonds i)0.5(n Chi)0.5(na\224)0.5( [onl)0.5(i)0.5(ne)0.5(;)0.5( ci)0.5(t)0.5(ed 15)7( )]TJ 0 Tc 0.046 Tw 2.362 -1.667 Td [(March 2018]. )54.9(A)74(vailable )0.5(from: https://www)65(.reuters.com/article/uk-china-bonds-sdr/standard-)]TJ 0 Tw T* [(chartered-successfully-issues-sdr)20.7(-bonds-in-china-idUKKCN12Q0WJ.)]TJ /C2_1 1 Tf 0.01 Tc -0.01 Tw -2.362 -1.667 Td [<0036005A00440051005600520051000F0003>13.2<00240011000F0003>-42<001500130014001B000F0003>-42<00B3003800110036001100B10026004B004C005100440003>-42<005700550044004700480003>-42<0047004800BF0046004C00570003>-42.1<004B004C005700560003>-42<005500480046005200550047000F0003>-42<004900580048004F004C0051004A0003>-42<005700550044004700480003>-42<00BF004A004B0057000F00B40003>]TJ /C2_0 1 Tf 32.487 -0 Td [<00310048005A0003>-42<003C>91.7<00520055004E0003>-42<0037>55<004C005000480056>]TJ /TT1 1 Tf 6.633 0 Td (, )Tj 0 Tw -36.758 -1.667 Td [(6 February)64.9(.)]TJ 0 Tc 0.018 Tw -2.362 -1.667 Td [(White, )19.1(W)92(. R., )0.5(2015, \223System )0.8(malfunction,\224 )]TJ /C2_0 1 Tf 0 Tw 17.715 -0 Td [<0029004C005100440051004600480003>-17<00090003>-17.4<0027004800590048004F005200530050004800510057>]TJ /TT1 1 Tf 0.018 Tw 9.865 0 Td [(, March )0.7(2015, )18.5(V)128.7(ol. )0.6(52, No. 1, )]TJ /C2_1 1 Tf 0 Tw -25.217 -1.667 Td <00530053001100030017001700B1001A0011>Tj /TT1 1 Tf 0.012 Tw -2.362 -1.667 Td [(W)40.2(illiamson, )0.8(J., 2016, )]TJ /C2_0 1 Tf 0 Tw 8.801 -0 Td [<002C0051005700480055005100440057004C005200510044004F0003>-11.4<0030005200510048005700440055005C0003>-11.7<003500480049005200550050001D0003>6.2<0024>18.3<0003>-12.1<0036005300480046004C00BF00460003>-11.4<0036004800570003>-11.7<005200490003>-12<00330055>37.1<00520053005200560044004F0056>]TJ /TT1 1 Tf 0.012 Tw 23.979 0 Td (, Oxon and New )Tj 0 Tw -30.418 -1.667 Td [(Y)99.9(ork: Routledge.)]TJ 0.054 Tw -2.362 -1.667 Td [(W)80.2(orld Bank, 2016, \223W)80.4(orld Bank successfully )0.6(prices oversubscribed landmark )0.6(SDR denominated )]TJ 0.006 Tc 0.083 Tw 2.362 -1.667 Td [(bond in )0.5(China\224 [online; )0.5(cited )0.5(15 )0.5(March )0.5(2018]. )55.6(A)74(vailable )0.5(from: )0.5(http://treasury)64.9(.worldbank.)]TJ 0 Tc 0 Tw T* [(or)18.1(g/cmd/htm/W)81.3(orldBankSuccessfullyPricesLandmarkSDRDenominatedBondinChina.html.)]TJ 0.002 Tc 0.082 Tw -2.362 -1.667 Td [(Zheng, S., 2018, \223Xi Jinping\222)55.3(s defence of globalisation and open markets: Key takeaways from)2.1( )]TJ 0 Tc 0 Tw 2.362 -1.667 Td [(Chinese leader)-36.2(\222)55.2(s speech to Boao Forum,\224 )]TJ /C2_0 1 Tf 16.838 -0 Td <0036005200580057004B00030026004B004C0051004400030030005200550051004C0051004A00030033005200560057>Tj /TT1 1 Tf -0.055 Tw 10.75 0 Td [(, )-55(10 April.)]TJ 0 Tw -29.951 -1.667 Td (Zhou, X. C., 2009,)Tj /TT2 1 Tf 7.5 -0 Td ( )Tj /TT1 1 Tf 0.25 0 Td (\223Reform the international monetary system,\224 )Tj /C2_0 1 Tf 18.272 -0 Td <0026004B004C00510044000300270044004C004F005C>Tj /TT1 1 Tf 4.916 0 Td (, 25 March, p. 8.)Tj -1.278 -5 Td [(\(Edited by )37.7(Y)110.7(uanfang Li\))]TJ ET endstream endobj 43 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Subtype/Form>>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /TT0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 7 0 0 7 181.31 32.4503 Tm [(\2512018 Institute of )19(W)80.2(orld Economics and Politics, Chinese )56.9(Academy of Social Sciences)]TJ /TT1 1 Tf 9 0 0 9 187.3321 646.3984 Tm (Enhanced Special Drawing Rights)Tj ET 0 0 0 0.6 k /GS1 gs 426.614 636.378 22.677 52.441 re f endstream endobj 49 0 obj <> endobj 50 0 obj <> endobj 53 0 obj <> endobj 54 0 obj <>stream H\n0 y CE-i%4Nhb:@E %?;3$a4 k0gN̷S*ffj׍( 4xƕJނл <|U f@YŎ-yYSߋ#dJ3f8`hUUBLT?zsg۠o6dTE&Cd[>stream HtTTGw[ .U`l!X1bFED 64ƆbK]5&&\ofv '-H^h˖XjKYa[Ҷnع+}8q(3G;~"gΞ;Wrp7;f<( IjS1ZD),dqNebf'ᩜ/+.J2@Y,W*Jr[MwH]{wVPUjR6U[ԍuAg(oh0L:40:] F/c 1f>n> \47SU|@Ekӵ-Q[׶k{LvR]nkBMM-MMHGQTP*5^dG.Do$iQ?S'rJ7,SV)N%C<ҥt9)Z^%jR { } ɥ@~]Km[)yK7)0 {DTZI[IVֶ2=3v ,Shڟ_H=81l6`f{c+=N-]xo'g/'f~ὴqH) ˛y/=?)/-oYy@yyrG*(ynH%b YO 2651Ư̧̻m--̾f`:v8JwDYVFZJRBO?"AhqktAAGSmhbՉVGy6h c&ڌXc﨩dooAs{"Ih!D1P BEp=EIx^1t@ HU|qZ"GF"!jOB VLèTr[Kvy 3ʫ2͈ӈ#QL rŨm$d;YѰMLJ.6N̤II.`J4&үiEgX F(Ȏ;ш!c6%lhܷ|uXγ_ tFKa:Ewϰ:"&W{wHi>X :syPw/t {,y9H9%I(&Zu@*)b(^dñ<7j$|#]r6JVR ^]vS x߰d =SM- k;)4m>N^a+kF0?5~_jԨ jm mE] {4pV&ކCvm8VQQ򩼆"6!:R*%I٥|S Of@8E)r> : ^!{t !l2*Րճұ6z/XǫωUZ'bC@.j4-Oݓ0Kٕ7::x) =cɸI9X"7MDk3@Rp{ :( Wj{Ggχ^, qӈPT߼Jץt9ь^d:X?-v4'$т^aLL},[w@6̌&[.k6E<*T̅rS**1'35ҧ6G&^5?r)8'vp|~Cut-x?XG,N=2E=CHO7L\X]p$tdf,jZ0x͗ ;WZ ר" }3gbg3gzuw?Q3X/j۶Es{%#["< $YlvQğ%k/';_g{>^~1J9 ^ &zŔaҨ""&MHxw.Mh*T%REDmr";wS鮴ߏ3PldluQ jڨFfؽ<5M\>>,0!.V&!۩ܽ"!;ز<^X>b hػ {wQheۻ ڇ>lA=@mdYj`.DA[U3PiDA#g`e Q::tbPÞUi#@܁e`x )ScԭbXP.,4bO~=hF oi.$=[}ʐǰ ðS f52Je)h?K\I?j 0!`m djpӠbb8Fi}Le`> ?lDG Y`悬`ǵk|[vjJRu=E'F!J6$,0/ ;ː򭍓neY92`ծeD= M\~4;oz`_>e?tOuxaf> .χ]FәfeGkЯnCzS.l-ǻ;`mw\i9nlqQ=Bd .fg=fFQ#gx^'xE?Öxg't"c!CL0+1L!m66q o NA K 4xyTΙ#d=qTVnoHF q ێ_PԡA.DU:~)6eYP?(6 ( x[|>u,wܺ+e}FKBm 藀-E*aU.A L51R #d18B[X Km[b}{`Ɗ;hW?E9Tu'b:X Dž![<Ǯwgfk4Kt3d7{XvxzeVCCJK.8h?P DRp1:̋ˋZ<߲9Pxt;=4՟5`zû7TVb&xqnI R |44#@+) =E1b1Q%F# M43!#񬯦雈E L2`%ZTMHpZf0]sH}z1hFO=фR!6nB'qFn}vBB^("(:/_PŞ$(rY P8$F y!z@M9Oрw]Cw0Bιm8OL.y[M^n p;̓qEwo߭a5qsF Ot]u׮Ժ\j[k]GzmT%^Q^Fj" jW ?6n%7*{-Cԁ;$yGK -%S`s( ̝.„^|2lv*z[ܪ_}jSd!, 4PِfM}d2%Qׁ@kp@pU$~'E# $T\pϐ쪒_z^ < h:ˁa tSC;!oɣ wyP/k(hl~Ij.al8:M& A5Klk&hL0,$ j݀> ᱷ!ϱ$.*ѷ<9MO+_X.(w⚍at޾׿ԮW,zfa/5>|hKg۶^_։:YENWTorp'=_}E dYқ7SXkݏYDWB,P==3ТEuW1$#HK!bc^:&E`ha%eDIM:5\Qn7ef[#KY#p"I'Xc5@( XMYR3]9=ہ %嵾Vc[&/4 mPg?>s|g.9g?sb'$@cH%@KSmt):(FѪ4[(iVmZ7u4dGI՚d{vVu✟{}>>߃oivW+\Dle3,[И(ΖpF\ѕ'0n Kxe?'y&umDŽv (OiFDBtp! 1 !-|Dnᅛm7H@ҁnEUS38Sa@CUά@IQVI:HZk0wȉ~lO_ȕKV=gc$۸ɨc :~kn1Ҵpi| {db_]Ǻ˺>=Q2Н)/Cb8!9gOϫ~ 04jwMm#hÓs^QXI)'3J 趔b}C30'F EҘ7fǨ2F}%1_EsF}T͇;"W.ZZ.߀!rP%AaԼZP{Z/_ρ:-(c8B݇- ˜M+T$wBPQEgVzd_B/ڑ^ڦ f)q+2LyD˙]g?a;^zm-LmaF xTՂb6{r+l %BBIml{S'@Zp[*ֆ9N{l :luC?#[s""PCB#(f>VN]3orTl9`ǥț/V3c0P+ WՉY5bRJ /浖 iWؽcH@ճ[<{$؞ǾMak836K[X dag:cy-PJZbvIQؘpS{:2j*xz˻k#..}hx\7  kB **bkK/Mlt8}Skq\#1Osgb㗳}gߝ}c'Cr@*i c-V)4t*`EHۘRi%Ha i-[*MCnZF`hdgsJX"=o>WCwCj3ܴ/cjKjZkU\UOZs*f]2it9i81kBsu\~%h t]u ^OWD{'z7$}fIwu3͏;\^Wn;x5EV  ⴺ͊0$,|i%ޕL6.*=@`o<%؍ sL(c\8iWT;g .2!bk3hk5՟ޏƮ'0jQ]:dSvw*4xy߫-4!rU5 LU@kcnԺ-7! ^[8ʡ=]DD˃5:t(Fb/W^t%*J%,g~5]h<Bț!PhP~'w:N1'D#L[C㲎B\-dBUٚ3؊p4QbHMZYu(R6fsYe#at'qnFB(36k/}Ѻ4@n pVW|7rg)_# 0nXC?՜ДC|c֓Th7ozU! DFsI{'>OxsƗ-a"sPU.'o(4BH-z8dDZ"Y؏"%Bi4-fw@PxQtM@N7vϒT;it%^Um´#bd~&sG~ d-(RAT(ʒ׵U@~삫Vhe%2_[ͻٱ8!d3fT-B#"28.5.ÏPհcݚfQEYGJqr`~~`>ȗ"$|0_F>BC -P>,$SD$x1 "lZ4|cA>F&L#%Z`@ XQlx=#LxݳgϹ{v1g6d@P<=E mv5;}wpCo>Fr9u۬- IK-j/.d^{՛/5\AyMf{M ;d+srzYLzDk VZ4]{[kr C: =Y@ `ÁT` 0.l=%Sk=S(8+7 Zfǁ#f-0>Q&53aHV[r/:/QPq ZEϧa YDғ锈Ib 4H^˵\%E(4UOoaۈ4CƥKXH2=Q[ݼڷɲ*@w(nӈ鏠@"Ҥ׼ǹ<cx1:{"Z8M̘ dIW(c}h5#DX?Bh1LJ 3վ頑_9pibas]DF *UǞO{ߣe+>^1u "WA6z8[y{pޏS.ޗ"^~vC>trIȋ)@Zs,pnzm|ѫ~u^8g9Nw#K8Wh:9Q1`[Asǹyih, :UR< R'>=ONً -ocD$~@ uQNch>:۳崳=(r<|mhF3< YkFhLB7}f[isLcw*' wAJVs\ۥWK>޾zoVIț+HAf*rn 1: yE~hl"mJk 8K?A Ẓ@ r-P7_C\T=UNy=Ľ3ь@ʭ\9O嵐\2aʽ;?ox>q:3?oN^ԇ=S{>alSGPi>zʠGHj%[ uUp^h\rɃT}|EyRDUW4sMr>db0j/"e%ΐk'9ICh]*SзwW895Z9Bzޓ'LTk>LOzUVv4R\~|6yأнPih)O9KOY_ceF/yXVUZq (4"JqhQ"_3ػގ<>Iws~YlւRF 2rv܎H|V;S1`>x5%C=/_:=d#jЎt4i~ jS=P|$byP_%IWEȯGvj/FT@u<'j^ה'Je(b.s\됣_{H՞?h5bZJ' ŭ1OףoMrnnn|˜xWAI䟁$뺪Y#P{EQ '~ ~t? ,  t $ϕ.Ap rZ`%o7PbrGt77 ߎ:e-w!wETk+7\۸r= RTU׸4@_r=Z,U>\Ϲܸ_󲵈;佰8~?ı{8&#?ȰÇNװ2+ϰ]֯ʙП9߼/(ɳð8=S:F3:N:ʇð9<1S-ʦʢ6am̏%-[iؐ>p%/=#i"Fi^PQ) p*PXN,P&_PHOw&Mșq,ߥfbeu+!FL1k#:ŎtڦGM|c;srl E*\[\ڂ윬vZn=7W =WX+*kψggF)}XRdUqgvw3ϻ}6N>pm@0.>gFAji mJGkLR_ҪR*7VH(#*~737> ͛[A91>.<4HLozP;>Ѿ槧dԲԗ!ό<89<=263'r[@D ,Z(u<ʱo67Ŧfn8!@2ֹQuQ {a""H;huH] % W ro@oElVѼ'_&< -\c׎NV1jy -2aKY;j@Cz2G;k^e@ IC?;N:y]CD5Bs-*c9t0v%9fk̷k^p.ר0խz@Ns,n2֩ a'2J2W(FPٸG+jL*MFwJ0fп\P)?U-C0 j7F;ϬPxZW0ɳ 0moK M9OfMrx5B(i!q Fq@ BP 81ޛ=NАZ@]bLlb eYUmb r,  T4 BŐ;n\^I/ǤC1)cҧc҆.&%FxHB\>7d,ݐyY!Yꑥv$N[^4~|z{5*cN"s+#yƨ#,8hhV𢐈[R,"|n{({ ࿡0,D# ,gbA*?D!x({;<af(BaV q[{܎NR|j2!iI" aa;t^($.>bӿӥ(ɪ𽲹處+#+gmڱ<@7Ub?G6rҗ`1 2Li:|N@$z6G xvܸCeѭуW-m%vP_Ӷ0 LF>\k: }_F})km5|b@K*BE˝=SCp{ =/0IWE> e$%6-JV0J[Ps灰+v=cH`WȖeK,LN; g^c9j&V-K7|ڿ'-k H[d,ݔdRyoz^8)N0Ȥqp2츷'> 6 >(hϥQ€f4g hgRL<.GyPj8(FFkh\cwz$w}6\}e#96ЅS}9ue?;O]ë/P*]Ve A)O_A^fi՜hN0lgZEWŧ̢Pqdմ ܓAX-Bt.75)s39UMZ{2Z2831G) ,KZ&rӴir)ƩH˽o,oe0,SU1u/kFPՌ#rz.`0rX4r3ܬ` endstream endobj 51 0 obj <> endobj 52 0 obj <>stream H\ۊ0l/m=>MƮF·ta/$(SY~05̲0 wo@^9vf~ֿQ\/ }A >p"7;+7&7𽕴2̧!-尺*ݼs:1ڰ0߸YqLE1(Q)sJWY6EUWqjT'L|a 5׫^4iЬA4iМKS#3NԈǍSKg{lSw;8D/įgN endstream endobj 56 0 obj <>stream H XW5=]DE鞁qu%5٨j֨ *&*I%}}_x}wtoj\׬;7Ǟ~_{U]~ "zjҼ' CHTLbt_S'T+;Z-o| zsMb:Wn68a|ܮ|?$6z(?Bzp>1Qy8:ЪfC]-fW;!1:%91./Kk''=j^%F䑱m9JHR+ʂ ?yBB{Jوӱ$e/ECo!R:Q* ATCz`= +gf^h| Ohu:_̿^⡤W_9*UV QV:ůjjw7h^_5nҴY-[u~~;tԹKv}ܽGψWOӾy䀨h 7xa ÓG5zq)'|IS)Smƴ3˚sΛ`!/Y,;grWY+[a[n۾c{ 9zN9{/\tU\nwp@_5׷kR $T]_z)D)%IcIR)Hg}Ol,q0eq${ x0a)<ټȼ.JwW|LT)G]yԧŢx=Erh/LHOD& +wW+U2* .v.ɥsmt+Vf~Gbҝ{>o)/_Z:}Q ׼ιi3ח_R99@XMPGWGGre`k˲U.Pn,8 |Z/Jsaaa>zeH1fė 5H r%BPD i/8:Gѯ_p5F5{-Ba~B7N{[οck*6U-1pׯgz?%@H{%X S阇t"}Xc9a="YSqY4>pP ǘK·P C"0H$c$Fa Fc,R0&KD&c8|x4摎$ғ 7<4BZ2Ŵ2ʦDFʴV~r)i5Hh3m.SMmvNEBU7:KT2iTHդZ؈MTa:BuLG^︅ۤJq:A'i:Cg)BI#b:O"]BK5ܥ˜8 x&ϳx6<ˡ"b^Kygs/Wq.8W^x=o7 D;x'\{x/| |1>'$">g,bG_/{e#/̲A+Fٟȗ __g;;;K&|=D?d??cBW<,ΝBBI@PHݵú,`AXi +k[e J!ȾsϜyKV{^ekx[&ڶkm=ddbSmM6Sԑ89 rPa9"G⮺ wUp7-WlCflcsmcg1KJk};n'7D;վi')vf2;δAs\;/bm}Ǿk߳=@3o#~j3~n/2ܮz$$KJKdJCi$Y-9+͠6t?vԞ:FRGD unԝzPOEP_Gi=@i=H`BCcIHi*LNo򻜒R$RBi Mi4hͤY4\Go|Z@zǂTuNW>uQ]RUUJu]*uCTTA^D" b`C5 jB<ԂB U3Hz$C BZpoFT14T% r CKsi!{d3rVyZB!4"(h-6hI?Z 0caWUx~a6&L[h+m_i;vKh?r:H0t :I):Mg,t.]+t*Uux&bM*0n-u.&R5&#L|&GΚiqML Ćϵ8ksˉ\>7dNTNtLn葳8s8ss6,nMqs 7|V|;߁٘íN{^ܖq{ w[O};qg]wܓ{qo.>ܗqx !Cx(?̏0Ώc8?#?O4?s<#ya Li0`̄Y0[. - mx\ Y(G|"",J8 8~MOd=Uг4>/cp,WȔ&8a87:}įgn- nÝ.x %*FvgMIԧLI:)=rLd\g LSL0Ŧi5Q1m5v`:Nbnaz^)5}L_7f`t2Hʲh1fyŒ:б.qI.e,|WJ\Kw\Õn↹گruPR: BBX mH!a( }X# ka0!صXezJ6&,[dl_e쐝KvI ~S*X|*V4O )d|ow7p|Md|Y?6G~#>9B\/DE5$RB[-ՑHC= نrN+C&WE\p] Vdj_D [(nq&vFoh84ԙ$7!AD282m29xAì0r9<ҡ '*JJVGܽZԕWS7xċŒlͯfT).6gKXMہ[yu1bExaAqd`|bXYtZ\}tX.l{Y4 \' Rd;PdlSz P 2+jZ(zx9;d>zVHL< 2K e<R\ YK_fH6`m;o~)e_u M$`XKD)d /ء&'N2By['49t-OҖjǴ{j (e.mJ"IjnW{7=K+<"B\D9G34FVe'$ʙ7hWo./Oٍhr-ڿO5WaI3ՖƲŋ`Թ}ѳݲI.0^)eN)EO/n2y.-dȝ*`HBO󠛜,mgۤJ)G(qRN)#(ClEj WA@-m1΋^"pC]oO@eRYyЙ|迍*zwhm~ƱH3_s8sHʃSh:<)PDtkET-VX3F'T-U4MmSSiMP;]4uj豇GF"(#:m?Lj:E=8D%zn"nEƊU(pBդb8tî,h}rQ)2o_oөe ;8g239SS&'%&ěqFLDEpѽ[.;u־ݦkR09=fϰ}h Y>Xed(4 e%# h::Pp:c2 a:@:%fL;NƝBL2黓m:{o޺%  (ݝt#Z{Q@\ J0-Q\u1}{9:0ZJ5Ձ~ŽoeA!"Y(Br]8U EsuBMh&_ NXi[TnY߶2ж#).gm۶jʨ3pY/XjQB漏O#,s,ZP ~L~Y$ʷhIkEF"Xl-p6U/SRg:~nxy &LI۪|b*o L4 \ JR )L"zp6AAXّ!$X"dk@("$(QPT2vѩ{.T-"F*0zH72&r)LѲ*1n D! RA/ː 3Er*E#A\=AxrOK' 2H`/Dz=*|>CɳRHqRz>#|!PzfuVt* trkeCVpL?IPsi+4 Ռ6P54Fg9v^=$q~w6ޮoַn -~zAC]:8CCL&wUFA9H`&6wB-*~A4}aϴK~ݮLTi!/5( "ZFz*=>Yt @~ڒEUZw 9 `1=:h# hpaUڽlX9 !ٍ0N2G$T$~VU)tXч{}]\24Ұ>s`1,;t661O?11uS|H?\I Cp |AxQx@D Dagle9"'(YL">$2[ m+bF)F,D*#D.&,N>r %D9%:QzM4?*|sOo J£T=c W~n91ݒA01b *-h,oc8||qN%ѓ,>p.nՍ5$<9z/ؽ9\ X.y𧀂(w)Ѫhm!g̹s}R.vt\:k<VqGAXk"n}iݒI2GO#s /V'^Z]u;>!>´䘜neԄx, :dthxJg3Ucv9VPL9nX\T Ue0OB0 ߙ%åeR|U[!5(2kh54OsFYyQpDۂ(q*`v'o*Bҿ=? ~ksƕq_E2fo^ڲKfG֎?lܽl/k{ޣ;_Y_GـWy}^TY}^bLB< -bu^g%ڌs`c5[uϿNW*}uו/nG,k*|~qn*ӫCRLF jCʰ,n_Uxȡvqv1--]Mw/ؾ{|>}>8chhҒX)+la{B;D MTbmyъ-"1T{QKTDc[V6{K&͎{ȏ~mMOp)<)NtJ ?]o]#>`bĂ]˓9$"&]A!i,CQsU๓i)IRbgb>pMpА Mh 6],CaLIo @lL&n2}b~yH%E@B[ܑ zu[} FS 7jڀs?ܑ*W6i Y %bAl{$ሱMz*[_<ѓ{Lذ~6R6M./l}?HI@u%P"KTIz=!;^iC|`_ԑ௩W4P6S $O4phRkOڳsh6zO{Io*%$YH\?GrQ3 Үxa)L=^/9^zz*J/54j(\ev9NG><;9x +.dǑ$Fh _$\UzESiӃS45JWiVïwѦm,qlWqLLWerg*:$ju4MX@Zk*00ƣ.BiZP: N~otWT*(kxI ͫV `!-=1~Ly,8/$/fo7IG$l'ՓYյ-gڸD Dn,4t=iZn!J,K3O NYa%> +D,^DzʀB*3v0 zԌV 2SFf%x`iX X 浢Ͼ%oE=K}Gz!U+7Mio=f7[ч{"nX@}LHBB8MBi$d"yxx" 7%e-!Ɨr\"v%DTu\6*)4M0N<3y!5mlH:_~a$o Riڅwko2ut>յ6~n#YJn4# ,֖%rvu . VWvG)6FGykgLm=cU*UKU0 w`^`m€>cF+VVVŸ=.'mzDu ])7x7 *- w"C͋GH% v:|Nq{޺y8yytB(d_Rgzn? 8O.nŋ1|9#Ixè6+ѳҵiۯ5935ϰJ:Ù:zB2zJ4K:|ˉ+w k8X'8m0RmpD\ $ D>tZtb+7`.rtgs| rc^o _JLod-r~ׯ韡g#q8=Ό;þCrH|r*qJ1罯%_}=qA^.})טkϝE߬vK{>[G{}g}{=gz[b ;]2쳼΀y*Ѩ4u๫eHh5Nқ%15#r%af(,9e "XAIJ}N7lWGɼS-0=˨χe-%9bT ( ?ˆG:0䎢pX ;xe{tس3nYKi>۶>j],:g}_R*gMW#؄Ek!bQekEAY}IGKdM':Z>˓-#gY0bv|L~@yX, AJ|aN%@fpגt zB,%A\t$L x_=~Ϧ7i1W殩q7Pbm&ՌjWխwDRa{wG@hȑ:9uu25$IY%Jku6e{Cm]%\jR{9Ji8JK(0DmJmÁw{G.ZG%ꢉ+}ErVWBevtXolڶqW~WK/t[֥wM7xc,8i2 >zuѶa#S>2eh tUcB!*|>κ=NvTnx%Lx&U)B p9"eJqw8v}Lܯ0{I4Q  oƻ;ȐwH)]77#-V7Vit&xF,GZ]@*AlG<C`()Ce)GCӡCWBY.Cea{ oUE9woc`f$ɇ~6k%$D! Q4y82@}|Tþ"LiƈihvН_PgKuXa_,疖 5o;,ELg)ʃ'i^܆C LX$Y=U,%+ !t %U}$2K)mkޱxD6<~>L[ ꪏ3ݽ={w>}|^;:xvPP@.>AԴU*l+(BNbG"5&--#cAj{UXԊ$ ZETDPRkkͼϽGWz|G:6 |a?:$Nl:yC T 06bEMBOV#b=A +rb^4G I >\Gآo%a S~E,/X:jƽ0ׄ0fOXa%|pe;7ls^QwHQK9eR.JԷx@ } y mB5rëd|-/96M޼ NʴK.|]5ّa'|C峪!)TGݥDTKoTŕx,Xnd|۱6cef4D3M@'6@')c DJ%2^#"7 ;cjmrc%#㴕%` Sܞ<稞5-. Oa۷/ 6Apw4̏ JRkx>Gqׯ޼vAk>Խ{>zCNҏoRg7$Kw@$5ztlWc(*RYRgOǏY3RE'p"'S&B|Y EVkZoiU[uI (-jGtChVLLr@"F 02:^k(ho%`U -?N'?8|?@Ĵ8-3YۣFGs\DVct>&-o~bz2DspjuQ @z8+ 9ڞ[-K>];$jͮsmrIUUԚjsE^%WAU\PX貪+L MAUǟtH̶Zg$=Hd$Zw\d3Ԗk+ٶmss#ƿ6k4;-ɵ3;ɶީ|s.Ŋom5:ৠu FKbKStN %jn!Y BiDeDiBhlH!^xyB<>64n9>~6MAlU~Rp!x`ldh ANQso݂b9h6j9׳Bl4H-;1SIqJ=0+ bs+*s'; yBg]G z{ ڒ[4NRɗ'K%aT+-Hw1t9%jɡlL_}2lLnMdc^u:[έXqZnv K59L+tV>eLQkF$ۻ=f ڔؚ]mč|͵ K^.3ς iT8ihPInZPXQ`#ݲ Ė=L`q[4J`lT@׆6? -62~;؎grib'v49mm7a"% Դ6V!U !vA4I4M`Q 󜝦Y{?km?vGQXGWb#s0 6i3 WcٳPrC~qjȍ:Ѓ=t6ԡ[t"ට`yX/seQ+, a]ng+TJ _W(]v4ry'jkm9]?=zs+έ@9^(] _CcXs n&]LL\8 IN2]W`'[1`؟6sƬdyL LnHE yMj<6ym:ﲒ,Öq"_f[2_FR_ZT֛u|x};k_Ag-JzU:o;s3 ?|_V'ܡ 蠌!l!XW0ӕ;@Y P<$*;j*QTƑCxD%=Mf/-_µKi%5L>w`d{Nη ;=8^zxPmMN) Y n~jS˺I eK[vjUIIFqPs~0z',%C-dca$+Q$SQK *Y MD!Ix Q<*Y*YytoRT+\&'h-0b11<8DPLm>ar}@-^| !855ƨ)P%hb! !py6.(bk<g!Q(RH5$GB.EB\F&ȑmf'\LpivTBKKVYrMUx.yKwKvmcJH :Ōi&3Lv&d)f |0eGhF6 vTۖXPڒK ^s,a %s2f6]2yonMsy\̥1Gs;4_/4 0c%]>ٚس>R)1:Ĵв/—尿7ډu%d~*ƱQVbrM⤧ ,5|&ܨMj;J5;;o;-a?u{(pH<5? /% f Ju3p ADIdMd 45{t78ݽnǏ\8wʯ@.~p󧆱;C XˣKjD QuLN]flukUJ,JY%^ D< ˿R9G?3z1Zo;4.XD]S]x3 Mb0eܧ—4 C cƄ{8nHs'rZ׵\R@y٢xq<}Wc ^gȅ,ȯeQUUCumL)3jNmg ﹗}s{okBۥ}u0@"iN;~Tc9< }[Vg;Bb{_viuӊ{Q }`ҁ2aF# >ecu/zjaޡQ%A)݇)!)LV=:r%'zq"g*I4DɬaeT _wjlpn"h3VR{RqI줋idqvvlѽ!L I'"?(g]ĕW{ZfJvvm\f盢 ) B!(-4 |&{ j Y'f/雙ӷ33X߰gi4SՕz?}G{.+5SgA1Nȅ15ΤdX`r ;YI Q+R,MWbIEUhprSƝ+D1N'3H+UU9* +`"BԇSL-vC(71\d]˪yI z]g4}No Aۖ?}D;RȮ`̩%9Ɔ`ou}٠ϞK#|-{[v4 MYJ5"|AxV'p2N8?]33ዼîAXOʓhd&c1e,6_dJyŘLN@kٕMdyMJ qk*X#eYG)]O _@;b&d3X3%v귒iD\b{.N%DXB4 Mq03X(Q~lj4#PH8i Bi ,!VK<;:kWT(Oظ'^x\Xz{[/7xҫͧ~Mscc;Q?;ޢbhaل%%,LPD _HBN4%"dRc_D$|X$|$HAGŦ(%[ 5ͿS*?  qrCĭQ\ vуAD6CN $&8 :v0rq$%ńvfm{v;@d|ĸ0.z3ܐ:Aߠ7g1@-,قBڂ.!⥋Ҵ4+$/(Iמ0o^< c5fUr^!ݻtmyOt}CygG}uG i׵#ա-2T^AUX0z0XviI, HS@Eq2Ķ!Kxyȋ8B,%AxrA4-`Ow(pSr@#~8j:ևc5ۧ>mQhN# 'KY=р;٠ل6ZfA^Mi ."ġQ4n 4+JF$Au`˽}> ΡXvP"|, qNSqD!{AL~}gwܽ:NeFTX~ō-h_6BzuSu4>م9&+ʾ?;ӱ<>'v`^1# ) T0JekaB"F+ҩƶ*$1XECڦ unio{m(|w=;ܻ(@4u6~pԚlFѰXlk%Q%T8T_r5"WEzno z,5Tw09TR};6+BI? V]4x['bkEpl_ݣUEYqhnc]Q Shcye{s==E;-ݽk~.5^W}fZJtJ Ò[hnBW5v&lтnY|N;V|V|[cAǝx+E\clc,ϷW%kNDl+lo Š;xw#1pζgZoPG2W}ZꒃN^_5ٵ D}G+޼Tv:2k*'$,ؿUț2{u(פUBNxzoR:rvDJڒaaaBoN˿6}5XɷZxg[I6咲lTFPܿͱ`WhWxg27zYp l5os憽Z}B6nxaWJHqWy]_O1{iD 7-]SZ}[F/nfjR6KO$O\ ,Iٗx_o^ }Oom//GǜrY #POVf|'wZϙ֧<|ўY&oAU{ O1ib4"^|M5FqE_.=D# @X _IeGAZi2=\$M<>[ }cTB+PWc*AۋuVv]7nw0A. p܃~؜!Kﳵwo<sm\gٰ!ƌBɅn`w٠}6.|-͆,bmgtE(~H?)\|)9&66v6H͏U|4/@g?8D=>Em +TbZ8b)3j·r>_QNW7ki؀&cL~b s_.TRnJgo=Jg?rF-1އ}=`.t'3m#n8a1l6F90 AV|9`.@ k~Ѿxqqq|e{8򙟊%UӨE[/ٜ/g24ou2NM>%>ȸ5A03)jA8shc|"#3a}RHNw32(Q@=͕h!"fȇiDKi8K滯N ao{U. yXP3e@|!>QN0cabZ@ :S CaPg$OZMzB´(iJeE3*f\>3)I3Xn`97q^N ;d^NܒS\c7'Pw:~龍o!z2@G88f㠱Rn+γ>{85S2&醨Sy_Pc[ϗ!^?1AD#YQ b<0~+1MJ I{VT|del ~XЁoU&.W(RnSk+|~{݊L:9dt?: |?'E:7b}K8gm&bi1(oQX4MQ@6n{:T/uPt>G$Mj.<ܪh9O:Jc}[o=㿻wo@!"DB4 )B-ef@,RiX b;Zc`(:my &7!;ߞgGf7c_MPNpyސzoԟ:915,HՑBed`X+RgwN^&M2axchr2ZwnW˲vFS؃ZkbÙLyqߙ| zvg32!k]G躺uD%}oWг2;{Edl|OXZk'8;o\ aBuL9g9" ݱ j<q漅ehB6āKYa-oJ;y5мk }O$VNFwSmgko?sY3Te0"5,=sYW1 خ.s )Y ﭖB+) 1{zmSŻ*w ,ИE~L\Fbv% t?ZgsUuj>$ c\1̻X%g6۝y$y3G'7M*` xw p/s:y#O%R 1FR ?Ջq+yt ͫT;k39e?5GRgVQOȥwŬϑ\K8;TMZO΍l,׳?`ڵKt՚ }8K4{XZj{``sJt/ɕe6X29$I|ami+j EOʱ#RT'oҕ=0r}@Ly݄t5ZvKQGtΓl;۹){ ٪v_!DSMqw"X֯*Ú o˥\Jߋ}Xz%揉JoH*פ5W6s o`;D}r8?K%eA;{k&s0&|3]1scoQjǡ^my8jš~\+~jˏ\ġGqP_ֆSP?~ZqۆWǡħkK? ?ے]Gx~aaM~fmc]\Dz;1CPMm }#_–`>;[uayw~Wc7 uy C > 4"_]@yx.齰).>HuO-'s\WKI#)gĵ}R-Sh?2$3~5vBb2s2qS󮍳JTsrSDtE|~3wU闬%A*(y}'ޑ|$RH?w˗dddvw7~ NO,>f_j-g~h͹j4w'v s:ٙ>*U>ddzɯ<7ȠqROAjsO8w90sYk8G "z#Z9%HL}htM|q],M:hXKm7e{L'''B=/P+󓿐qrRMI'gX;CF51I0P>lcuA=5օ߁epS^ߙs'ݲ}FI8GPSY[g[]=ן9-g=rMd;>8@Zfy[mg0GBk+IW9ks9oq}}ݺB7r\auEOՠBY[S7iLFDzBr-t)~ qB}߂_.Q]e= y$PMX+&X2e3lLBڄءS  Zl!(Ytg,J)L:8Ny8#S*jZsϒ`9w†w^_3$^nLfd\ >*N2آC{ܗ9Cub/\,"ܗؼ16/7Xv?|V}ǃ3xMtqt}> qtKU[v WcŵfBIlMpKw><:Wmޕ^oX{پW[0mg<%(9b )FE6*^UlU_" : #}.w?hS(=NձXFKlmO'ˁ.U4ԚVg$G9`)z϶xb_4*Od݅ g@zcgN-V/; >\/_K/nw3uDx2m v_V@ofx,ȷ P4y^o`\p0AA]dJ:@"@!t/$ȟB?w:_cgOؗ!Yh4ɉzN8q8(;~ٌP̖l〒ȺijQ=y*'k=A?_w1?ƺ6vc,qP%PxY8^iw^#sq]dK)O;_ޯt 1.,~I@Y}`YGCafD+ȶw;1itFg)1ĥ1uz-`צEuum;+E's[gov8wdn!&ĕ6ig@qצMQ: k b{~niwipڷG3G/(_m% Fؾ[ɶk |~_uDAl~ܟhcQI+_u<=Gc4"[fA{3m(X9Way7pW>AOF>a\K^g>O@>}n\X|_;y5Q>\z,=ކ} 1e|gv- { t6NV9vhw2dܥܷ oq!9.ދq2G(h̃r`.ƞ]h,2,mȷ8|zͼ '=?XC{4ef|3<6h(tnjCbS@d`}?␘0}I>^_K8 :ynkDc0^8?ZNt^rwt}/h4Fh4Fh4Fh4Fh4Fh4Fh/1ѻGOLJl*k6H%><o|&:tA7iJg)Xnn܃>'nʎi*ݤ3¯[ަt=Qi5N!ȳ.UⰭѾ*&L"rJ˷mHC>V܂4'TIl `&} hmm!֋UM? @:9b\0-\ f,54;uD34N34m x_;x;wex>8%b'`TdK#w!j0&2tx`Coʓ2Yg "Z+^4` ,qol!QJ jVնrf_*@ؒEoUqbO[yr<rb^-EhW;w*D,W;Wuue*m95& [ϾAR;JB jP$dS'9jj@ڕu&Q@u>i&E+ecjՍ޳Eˤwޝtw-;rrϺ/uzw{+Aoy똇^Yk?(?p7rO=?!uA^! Lբ1\G]6ۈk[z*z*z*TJc~pdjZ<El,>VubX)\{nU F0yWT輫K2ڻ]LgkgszڕK3in wܾ|+=>id]@(.i̤ex]&@ÈexZDx\z(.ė sK/ u"6xCkcd+"J2[`˺Vϙ-}@a#4ȷpGFeUϞֿ͞{o.m>nX̞@ŝʳW'g399=fI+JR([q)Bʽ +L ~n..K9<%H;rJJ ǩݔ"#q7xS2LeѳT(93-vS_fPun{l$5<uz<@ Doy@qگ3{Y7fS̚tR*$k7}Y:'屉҄'波ɶH^k!pxQ+u8NSCBپcU*y-l|jBWZ^[pn Pg3C؝< /r[ ޢG1|!q[,9J0xilp>4|"(Վ忲Ԯ1ϙ抳۰*nk鱷+39> endobj 33 0 obj <> endobj 42 0 obj <> endobj 35 0 obj <> endobj 36 0 obj <> endobj 38 0 obj <> endobj 48 0 obj <> endobj 65 0 obj <> endobj 66 0 obj <>stream H\j@}l.4JENR}gC tpW N&|}]dέkcM^dށw Ɠ)X$"j>stream HtTWYibCمY,Ů5 ;c4*6l`v4uW@I,.~||sy3; e0 . J9OXd Px-|j}2PJqŀ$@wy'-!QaN{.uDQ@RFEsO0VꞀK0Lx۹ 0WGEG<;A껀Cjl1gj,ǎj{RMO!%B'm.5I+;p "бN9)5 3:ƌAP@CAG^x&K/Y|8dѩTi2.ne=˕PW*Uf^?fu׫ߠaM> i-Zjݦm}ޡc]~ѭ=g}? ED2t1#G3v 'M2u7ӿ1Y$̝7E,]|U׬>e 7mޒu}]ݗ?@C=vSϜ=wK7nӭw̖yP&&LJ i1t]gyq؇pu8+>JeQ6({m7I3_j9[5&5P V!jS:UݨnQ :CYCy`26t73,3j03zv0cq1hЄ欹iZEi!pm6CӖh4mNi+mS)4n4 {+NuªZXCMͭ]EJ1 F%3$ޠtU)JRYP2[#].GW=;EuV˪T?Hm\¿Ao!]W2z`T̯~K m+ oI&% W+I~k#jmimSo -PI9[H*OjfY""cl6?[ V`{l˱([h))/pD3?#J ͋Ϻ /5/)7)w}\ wsѾ #sKkicim 44[-~B?̏vϘŞ͛;ͭ-;f`:vJwDYFZJRB\2s+.>3(8忱.Ē03$5؊p5@:<]tIvl!_DW(5N7Eթ?~C۸3r3i粇I zIzMo(THoF5e ! E脃 G$JQ-QZ82E 7.C4BQvK5"q|(6L ;6?nSۦ!N{Sx 9El$!:*%Y٥|S ԐOf@XE)r> : ^!{t !l?l^k/[|+˧~LS P,{C7qJ>lGEWJ2OYC`9j.!Khk9nbXXXKQ5[%"#Jyl(Z 7+7y4%x e '+u,q:M6d|# ˶{UoN?XSQ?zS.̎ "@؀Ћ,ps?mY<hOR?/blI*xA(]y^vM|5'?ཙdFJ;x?u#t;OlbAE4t("·Qx)Y>2*Րճұ6z/Xǫω𴳖<274 =e+ rVv,Yl8yt­k-lfnݧ7rIX~#,p`扯vkkhQuw"{tWULj 1akn7q1nSC8=9FiNt8|Ys+ '}3K>ư kmyjК2[kZlTψ "3藁s݆}ɿŗ?|t6Q=5 Ԍʼ:O߁Y5syKUs_Izu$ *_hNH(< )+ØM)XxBm3YM~]l-DyT KT\cNfjO mM:.g~TQpv12 ^.Жo iӵ=`7o<>8mMp e##HO7qauб km|T6_~lp^mh)Jt2oW_f*oδ>Ž?}ٱF_ڰ:Υgx^6ӫ<떌W$n',8gF0x7q]{[+ɫV^Y֖dK,P1$6T  C0dJIHLzڡHf:6H P2ARJP]=wwsQKnf7,+Z-CUO䇖 aTh]v`@X e`l[>7ox` ,-N9r6х[ j{$wvrqOgQY~5~,1g;G^&dI!0 Rvs+Ӗ=Aҹt.3XM%,Fޫ"5b];S+i| {.l]+?*>گ _mp}|oװ7 ZG]m]s` NY`4I"vSZ,y6iiL`c:\IFBJ&L"u5>Ũ1& $Yt"Z9B,X dPֱtpN!|Pؔ$$vK2s )F1,Jf #fNU LUˠnUxZ"Ie~…zm>ǰ-,<AI/HƸfZr1XG7\3!Yrlj'ٝ xN$TYۭY-|7YuMZC4UB1!y(}g)Ĥ\nd2e?$#ys2iNZX )wg2@q*ĔA%D#.{.|ےcߍx^z@nkվ4 cobגPx!DMhSMy ,5Ѵ?]]۞<=}+v#C1j\{?>]3KDmmUplqMmKpVSP [q"쭎5#A/Z1aU{5BS)M>KK~7 w\%-qU83ڡxf3K.Av8Œ@ qsCTBkФ=Jl2 $++ieXW$Y6'%ms90$}v3̥ "<&=M&cK7ѥ`00l*S;!lZSSj@!_j-:e}%뽞ddpSo+RD +k#F<{:ٳtdXQ2C_V%? '=zGuyS៬vv' @?е//=3@B(^,ed^\x 㴑3x/0E?0hDh2!`xV-26mHdcH FZTq Zdr QtE~"l09?ab4Y2s!k( ȁoP`$1riX%FDOĢB9Ǒ;XCeCI(6\JbJ3"SJA&.whlY IdLdF_S|~782zߔW{=~ݵ~_~8AxGH P IN! !%JߤT { IiUG>uiQiUE"LghiZfdzk{{ڽ9g]rZW\^Eܝ6ŕ{|ojђ/$41euzx_z/SmS%\5fil+G\{:O:Sc_}a-2Brg ibiaY.Z,^.ȸu> RQaӓߚ1duo `XQ]@̟C{vnI2Te}"OX[δ̓.ImomKWoSڸi_ fYȗ<'F&]BHU-_obo6/ XM(Lox57:@0j߇O1f1З!ubjk}e;ay\BMUi*,`}bCBFuӿ@ځ``&FZix>"?%0Ji"9{j5tG& 8M%;1hZTp~Y#qcLbzHPj:cUDkƄ1e\5 LH] ՀP?wYUri:f^f'Wssg?DFF``)u8/7izv_v2fׄؤ;Zҏ+8As o[q`(ύߟȞrJumNI,jo Fk>~xk$TY1Xg@]Vn|l^Tt\r""'PupKԢMW-]D+tkšm%#g sǙ`5]raOc= < bDmblSG #a2<Ag E`(!h8f7x1A$0|Al3*4 雁t'{p ^31m P @Ŋ¼HB8&ա):q#ppMhBMr5 Z-ZOKfo Pڪ}V[ b(C3-Zo<s9/eӂ>f~^LL%_uP=Li{EN֮CJ(.x :2 )J1G-/C܇vP/?A4$Gu&Jz#G͕Kad8Ata<Ӊ|b"Nd(` Z |Ir~!aF3hCk9|3+$`%@# @vGb$rq%**JHR8 iFȊ\7x%ʡKWriUhu}Zbrn_Eq}>B_rX/9*tUI5}IPRb{;c9]X/PEΆma O;ŧA"sD}< { E\ o:er ę9#C LuӇ1XyAVK'pf N+Fnj/+]p~.5AJ뽇m[}nwݵkتlJD.y7elku"dģ?bAN'7>hbgs]iI.{cAn0 2x'P"PFv)"L_- ^%z"cY(@IH_p3EEbC|Yg&r @dvb$X%jj]Z+ KJ'6iR@:,~{΁._~Hrj|2Y+Tz@댓!y.*J)MѴ(9Д䘒 UrtQ%LGѢ(NѮ*iX!nA)I^pp74)bHWyˍ_ Z&!nE? #Bqϲ /}D[DG^V&}4<5-j6`׮}eEe"8X_W?B5C%ĉ?t|!֟'p-r뼋6t_v4ꉐ&+Khho8DpDSt$٤iw?9Ӑr&UakIkb%.i N)[ғaZj"Lj65ɡ4'j{t4jrKmT 5E sUO"SE {w& ,.ܾ@řm<L' heƂ=AtLK &cC>4>oR.yg꧷rZ$?YmfdfT9v6{?|ˍh??e*$>L&Vu ԯAIZ1p0I=XPL $\~.y<4`HS7cx쥎W0yOΆRǪ6§FMEE 7,C<%}"RWI %o;@ zŹhnfUr1gG7|cz~4ѽ OjjsWY0D݁^^8znN\(@ ^ط׀9w W Rsw׼Y&tpQFӃT=HJCQYQN>VL-Uq? ul_VLS+:ǟ9<8f)k H#;3š+ {wZoZOO3v#鐵W"Y:r(dR9>w_?LL'&.+3ZWݒRt >J!74)L)Nl4XKRI"?U7"pSx,b( b+ K-j|֖)tʢ*} uHErStfCC&2C=VZ&cjNz mZu-[nɸ[AK79" M'0m 7B=dlǭ9uZJoxy[+p/ӓ;U]۲#r'Nlb;G0qwro'=2ԨbE_.^<0Ydn21o ӻ eqLv}qW,ܤ pB<ހUeRqA }Ջ;-=VSu ?5=7څ޼+ $: H` DzhoӜi:L3܂6i& {{P}݉5uj=XM_y;y-mO[wE>H,0)|`hVkӯւ7nc2,~rD|vSaJ$$CA2G4#.fj'5@}_"ݝ Ԑm!N$'kYp<^Z)U֎6#ZF[u9 7z7 o-q\ldO5\k*~ABaB"1ksfUJ|ֆ+iUsrXk<"ٕU]s}7t}ճ`Dz|l , m*- FǙM\̮dILE)_mp2R"r7t/l"]*Uqxdg)k?Ũ4a%z^ȫ<^yBq2hW0 T"EqBb {iH`!mMݬ.זk Wk<|jy-uNQ׍m5c / 8J;rg.g,9;:sCQfZ_uCj~yU @CeZD>}`dtT&$8RLxۨ˸H:1zaxl+:H#Wab6_/?xM+m1F5 ։}>γ++GJ9yTƨ?`kU_ Cv`+1 s K_Ϳ*\)hj4G͕~\zn6%5O,  ,^6[Kd]z8:Lj*W&E}ʳ_\%"D!IDiJ1;RY5 嫏ej7kdn1+ {c s[΄hڪ&*K!"ڤp\bj6R)&ڬZ,[Уѯ w=dq>?%^o}i:Z ϞZv 㙉>v(I<{9K ;pgV{ɄSs2_;̇ˁU6=L`"T"$Z+FxA$%s?hƱ}~|\B@b#$ݓA)(OtcZ8XKDh%ш֮N;JYN2e>".}N,$EGuM*SRTP\2n)1QoP%H %T\n[poωx2#aVtZm>0]va+I`' Kn(@Iw G6 Gfh#SWN5&wǚusrPpmvzr~ ^iCd #}9 _ [!U搜[>na:9$:,Rݱ8<ƊEd0z`"ܡW&hx]]<ŞA@_6 "X@L~9Gq 2 e8c[^5%Yٔl 9;V ~JE1xLd3458VlBb:-R˅FBE=^o~֩ h-h;dfQ4&A6b;oX֩d:JUN;c]e 9h&4k^[ze=1NG"HZYkr)b|4|p*9ZZ+>[*«.xoLqM]F^54~}՞e[&[fY[AlQUdg.СEѺI6h@ |{1FK֥%\ Cdb 䏻vAHx>q(?耼 y~aejf6mDs"G3D<\8Gܥז]^/ѼXp{̞NgTAV.wYv//u,m,ƺF(aP 5,k1r-Ji.;be5>T-΢==1Q /$gCa >0+%'xR9fO` g4 aTLQ6oi񤤅KҖi+бdrxt/qϕ ϕG8TgCW"'7Y4wHz-VW>.e֠5-}F/AF!/@>, nRK'7ؼMO(y7TS6oalb=rƗjFd.ft rcX;ep?N2{Jڜ.~u/$UaٶQH|3Ŀۆu&#C?7Z `ws> BGN]VY =DÿFǜgش_ n ~ ΍&;2nǒD%QJ :AX'as9F$y ܔUWR3QF"#ҒEa%"KDH4"0"JJknv~I^y 5<,YisD!?Nf*Nl>=mJ9X j]]+ kLĸ;ysUHNH`E*Buh MM3?Yof_}п,k\ Ii*L-`Vq?cd]1^~bU Z7MgDڔeV̆>ZW*iBk Fbg)I_:JLxbz+S͸@pA`(''V uݕu ň7,Ph͘BыB+?&ֈ_>8p`|uS:/*oٲFମ X:)ݔf2cUB}j|Qs3t~%Wz[86&HP,,9nt*{t=] c~l ~Dp$k3hѷ,d6F#ݐ"D]% -OZG@&BL%1?y<}DVVw;{,1M,6i*xX,= sjweB/AE+A5tGAOH(c&՜N?B98FEvta``_'ENv!M;Os#r˗C{ۊCn##f({:Ol*mN"0oZu[uNd=? Re;-a#]ffMo<~QzUd a|LqB99_8肘8 b'٧RA"ч8wys7Ղ[1p%4Ëh3\Hr 9/ICOw{BxZ-_LO8[G%gKv]!ƸI(&6MH\H:޺|w[K5:=*=WW'nz˲ YVeaߊ|əT55]>쥡ΠF_C~|$xnF[}6 j=8p6Jo`*𚐴ܶZNP0j[!3dG<>E+ɚ8;ܶJm! qtI-+f}q5lXz\G0;l5?;'˒"QxJiJTHyLMH 1p ]o>[Sj):__;ueҾ>ծk MGy^v =qW>u }-Aw7;SRR'TJG ﷍!ud y"!aN@BIaw kw8JFkg1BTus Cpl.qrB@ 8)!IޢP%M6{lI=%N28QR+IC<gEE^#Rn(Y")23f2<48R &M9UwݠeB93svɅK.J %Mb0 Hx*p)i)-Z::5] Rqߞ ~tڝy9_r^[WV٤O7}9>h(ig/{׀Ia|z)U)7LQ:;o^tXא17Rzoq@rNP*꫘)GѶxe״Lk+!8>Ǔ ôLsɍ"g*ͥ"IN{2Wymt՟$ fQ,=p ̝jHȚ*dxu?"D'2v$8.:o {~u-v/zP<|MƗcʴ"_YI3DC=g흮::o^ݧ!b`jƤ\BmU]14Íu F'጑%uiS"\8&2GAZ2\ibڋ}C>޶0_8,'07]}hu[ƶ9ZٱGq]/Pf} S٢w;]#Eqs[F"4ސeTGF}!r8%%8Fu[mw:9 5;"C\9.5"~7gLkݛ$J"]2nmz/5'gE8*#Vm+> Kֆ6΅ĤʐEB"Fow!^T@9E}ju*ˋ7?xЖhMYtV` ڟZ5aQ9ϛZְ$P5⊂>>TPMG;KsOxI׹^2)2ϱKH#̠Lʻi n ~}K/Jk$ɼ}{eqEgAh=x\tټs^LrЀxͪ'N/ z hiUGsT=iy<ڥ<w~9n"@%pp=, 03G(vЏr#pl6s܋'>z0nF0~ce˝xއh)8KI5Nj}|e(eEzYR̦Z9][~@XeT uQ%s'7<1~>&\K1n/'s9ږa?X7fق}+*|c2~{NI?kqy@wW_qk+x ^.u#H mc {|65T5+Xcm:^g֚c }Cסl eö9<¾&ξb@7pk)+8Ch_z.kSڀ0]fF[ϣWVaw6V,ŚI+O֕NPZgk_4jbOGmQ?a8 5ZoH}{y| u+,7dTBQ@1eAqMlzAg)c8z{0ngq?gyFfѫ6;ŽuksfF8U Fy'(u看c ]\Z՛hn75Ô.DplLKZYXLb.sZ?Q\k FK6'z>n|멊cgqr=bȱ+N ]|c w-& cm+>lDm]l_ۏS4ji"L*4fRAvL5:V`OXh|?fq&?Tf|SMOs6O>Wҟ ^z5E{Y.CYHE##!(BVH#2b\BނXaڀ $rk6Q`:k'1߽c|1SoM$g}Tg[Y8&˵⢌ g|GhY9ƴZi:Sb wsK]XNV 1gb[ f;~*ȑ$Ebl8>$opa_FUCӒ(0E4O WD*Wbx~9e/rIlcj md1CQ\5{"0oocoڧ67ԋ|R !ԆVJH"5dMhQTPTQoր!-ޭ޼y͛7sM+VN% 5ZǶΰ8ձv>=̞Jd?=7M[*:Xқʷi!~ 1_HJ;v'2ܙT/ u]9(_@92'?nWƵ4__dfGE-zfacf`/abԙˠ6nUc~ ),@|`s%?Ki^Țǀoyt|9LB0:Ėɴ=ٻ#9*<Y\:J\+A.?ql|JPE´ӫ@&ZQ;pt^hзI (}I}>#L҆6-L\4͑L # ^!!#^'h1G:7Ita? 5cLv_m9aքEd/lNFZz鯓!E[[ E/2V'aKG%&7FX{,>7Éݻݳكг9bӧϰD<o4/_8~IYCHȦ'Ѷ5 7,:t9Oo#uz_DGֶu&"H֮'`ڸB'tCoZZ|zYD;#Za?:[Hs.[r9G0XWVkm-b7Gk8RhNs~Ǩ!uΟo2d{d(6̭ᬏ=Y8>&ϵ8镴qw4|(%$;Ұ(ęz٤@

kh;aKvvЕbl#PK֚DV>(g,4s"l>HV6p6Y#1鏘^#`f{XC12u=8;Z]n?{k+;f9zruU5&ylțKB^E|3W eoqM9=9jSvOZy1`~^jzʖ%uٓ-IbSlhqY!nי1 ..>+ WT[:<{knfd7oX.]$ ) oYjXU`q%Ja]" J]]=IzIvbg嬆ձ&U~? ^<m C աEDRHm#Pl\q!JR %ByJ4z4*@)e[)q‶3=ZWZC@[ЦI-TNGqUle;5Xku턮=k[tֵ&]k!MyH"f˶BE\;TP[@y'k(s{ [;/#m#ۨ>f;Wh K*|F1'[ T![_n_rBynI0%'h> GmPaNn l>n5vǕrK-6Ul鄤mI?a9  'FRUgo#~ixAjJ1AmfvDZ ~ށ0͞8_Gfg[|@uT.5D|-_`t3!j^͡?gN9#ݧ8d2'ycqMQveA_NWc9m9-9_ 2i"̶tG@Vk 4D1esi4!֋  \fcHZN~ /SϞfPCޛmfל7s洙7GYYl AX%m-sohBJsH1(3@]OCEmy.ԕADIgS_hm5Pp"`eoSi3YY ̢ͣ,z<ؕR{Pl՚.NzRGN1dСkF8]s9 4~IĠ54r :ĎINc9zrIs\N3=r^h 3`f^FE@Di-o\ȅXnrC˯.r,b2OAĈ#Wwb?f->H.͞2ĥ,8jJCzIjX fB>Ȟ% l9ڗVVPvFi}E4,}|ˇ|*+p]VðVG/vJYu%]'BBRLSː\q^'PZ-i> endobj 64 0 obj <>stream H\͊@}݋&j}? "ڂaMJ'0»: oe>Hz6C(jplںO˭R8SIjx=ޫ+ʼxwmb>|:/Z:M{ /VPn]'S;QX,B컯s c۶כ{q>&S*|,|Eñ?Gna zʞgz^Wz^? ;cW {숦'hcg3pw;#=#=#=#M& lB& ly )`y ) J¯+J¯+J¯+J¯+J¯+J¯+Jlw҅ + endstream endobj 68 0 obj <>stream H XW5=]("t@OԸ{%uQլ&*I%ぢ"x xx߷xDg6uͺ30FoWU}ׯ^?@BD^4gIČV4u>< MWn64~4b  |9 &AOjNBaK|he ?Z܄ A-gxudtBl%.IcƎJj{4:6>ᷡ'-,װ)ٴ$t,z'ȵ/wN*¡=󷡰ᲹpsOA/>ʰ'ܰհ㍳/F_S9-=se5Dz"j5UXDj\].b\:ʦҩe/oMx$* (G܋)K/|s\i\IJ"יۍfJ J;;9g|_~i-(@a5u;[8C]]a֎#Av/~̾߾ϾCW7ػ;;CVnu,iy(ņEl} ʐb^fNB,9M:[> }z/oߚJ{\0c?J+zH15zizq#nO#ӤH=L, "]s?a&F$O539aN 11`B,$4,c.<Cq Qa.|8 $ #DBFc a,c 0_`2a*SWxGE)t$diQALʡKyTOi- L+h%**մ:*6&L[W\tA[im "JTPTi7T2h/t!EեtQ}21p I!,dtN):Mg, %lt]"zPCj;K9gpYgl\9ȡϋx1/^ʹx9ϫq\y u\yoMV}>פ;nõa>GOi>gG宯{#/̲A+Fٟ/E.˴eom÷1ա<,ΝBBI@PHݵú,`AXi +k[e J!ȾsϜyKV{^ekx[&ڶkm=ddbSmM6Sԑ89 rPa9"G⮺ wUp7-WlCflcsmcg1KJk};n'7D;վi')vf2;δAs\;/bm}Ǿk߳=@3o#~j3~n/2ܮz$$KJKdJCi$Y-9+͠6t?vԞ:FRGD unԝzPOEP_Gi=@i=H`BCcIHi*LNo򻜒R$RBi Mi4hͤY4\Go|Z@zǂTuNW>uQ]RUUJu]*uCTTA^D" b`C5 jB<ԂB U3Hz$C BZpoFT14T% r CKsi!{d3rVyZB!4"(h-6hI?Z 0caWUx~a6&L[h+m_i;vKh?r:H0t :I):Mg,t.]+t*Uux&bM*0n-u.&R5&#L|&GΚiqML Ćϵ8ksˉ\>7dNTNtLn葳8s8ss6,nMqs 7|V|;߁٘íN{^ܖq{ w[O};qg]wܓ{qo.>ܗqx !Cx(?̏0Ώc8?#?O4?s<#ya Li0`̄Y0[. - mx\ Y(G|"",J8 8~MOd=Uг4>/cp,WȔ&8a87:}įgn- nÝ.x %*FvgMIԧLI:)=rLd\g LSL0Ŧi5Q1m5v`:Nbnaz^)5}L_7f`t2Hʲh1fyŒ:б.qI.e,|WJ\Kw\Õn↹گruPR: BBX mH!a( }X# ka0!صXezJ6&,[dl_e쐝KvI ~S*X|*V4O )d|ow7p|Md|Y?6G~#>9B\/DE5$RB[-ՑHC= نrN+C&WE\p] Vdj_D [(nq&vFoh84ԙ$7!AD282m29xAì0r9<ҡ '*JJVGܽZԕWS7xċŒlͯfT).6gKXMہ[yu1bExaAqd`|bXYtZ\}tX.l{Y4 \' Rd;PdlSz P 2+jZ(zx9;d>zVHL< 2K e<R\ YK_fH6`m;o~)e_u M$`XKD)d /ء&'N2By['49t-OҖjǴ{j (e.mJ"IjnW{7=K+<"B\D9G34FVe'$ʙ7hWo./Oٍhr-ڿO5WaI3ՖƲŋ`Թ}ѳݲI.0^)eN)EO/n2y.-dȝ*`HBO󠛜,mgۤJ)G(qRN)#(ClEj WA@-m1΋^"pC]oO@eRYyЙ|迍*zwhm~ƱH3_s8sHʃSh:<)PDtkET-VX3F'T-U4MmSSiMP;]4uj豇GF"(#:m?Lj:E=8D%zn"nEƊU(pBդb8tî,h}rQ)2o_oөe ;8g239SS&'%&ěqFLDEpѽ[.;u־ݦkR09=fϰ}h >tyOg%4 Bf|s аyI IQ˃ j_Y8(]ʿyJ'$fl'Xup lBR^K*`x+IQyFBh4S!-PX8(~܃RXFO#͒{T,;x> bp5x* Oz& H0`WN ¢g63C_Au`i'&wSH_nSmS.oj]3j8jnhwCvSwSmB iX*r8|2֦>62r,2>>DbD*T/#7q[Rp7W;yҪ2 g̭:s+l1EH*$FJmY-ɕȞ3,L{>g'BjcnT,2B!Dd|n>Trix sԚFMc@) S<]d\\} ) !J` 6*y5%`ma3aTaݠr($4y{F8 5#zQorze#VkÑ0.ݹ&-[yJ~6wnO܈Y~ӏqϩJI]>nʕʚg/^f$5 y9ecDj=z^71,Ң丨&/+NI\&d<Ï Ԇ Q@P8 5?km7Ǹ7pt}?IM=8Oz sJO3 73M=2/ڋ"ܺҵi+ ʅJI^ת՘k^0ci2v,{r"vcBlZۖ_Įw>t=6wٺ0k k-V"w-XeSߑMc2&bu=miuu=bN`/4 _X_ 2 sTB7y>:vjP?dy=[VC|fCkhWQ\fgWpj:&Keڜj^+* NRu\>3Z֛KOg;])W܁>#Ni4L>xO?"܃d𞞑RFFeUEk(a**ĪR[˹f! aiq!mSQBd%N.[L,^*:y>~dh1@nl/>Az#(0ʫs ~y qv` ]$~m(uū~-|E oБ/Cp+A^ɂ$R4$ZBCr|Y~SN'،|s uˋ3VZ_aP$G=aؠ4u+ #܆.VIgcL9\a0<.A>`_Wi\ $ x1v`Ҽ(O_]ƥ3wH@U"'җRibKrɕr]q=q.5U38@Wλ#?3s|rTUV`^洘f׺TW`$U#+oƺR t6u_qw~kھ8<6ޯ6P3KV-$6(&n ( 課 ITm"cDECSe%5a^Y}9=Š5A3V\]V%鞈h&:xWҬ3ܽ4|x>3Z& WWNGBjH/~`/_ԟY0rctyFke|> @~JVPn#Cw{ C௉ +Y"N)C>p;JUrYYb7^,6^]Y0U#G '\y20J8cTw:)HaF?ǘy8xfC٪g>\S*T sohK%%Ֆuu#_:~:c;]w{ׯ=dz!\AQ zm>[ Rwy;5RvrR(ybIi*tgU1 n_P{0 weҮJC1ͧh֘F-QM$0Nzޤѱcͧ䶴ֳ&1*hհ{"Yfd[8oKz[#R]?c>ux%tnӣ}nޤ@Immu+O Aѵ|nx$ ɐC.0"kIK,o `an!8PHWS66$x+0 ( t3gdლ\yЈ7Twj:j, iN^5Uw9[]U\(د̭,HV4-r\z ß),O3wL~5ao4ǂ{qpek{}!ES B}uncۿ dr+8GX2T.Mǖj|,w{4MW$>1ʳYu1-/$1:Tt lnqzsE ԊH8s*qD*9IHQ#՘ʤSl*>`0b J2#Z{+J+kWZ+!KXr`l6]c(6i! tRBJ&1M X$ e 6i:ihKK~I1ә:>]t'=wν]x;]bQkU%衔?OÜ`!(1%VmyF ^'Ӡer+&+QB*;\8 XҨK0eHCZ7-sp?l= 5xe l}M/Y3[w8߻t;꿻a}}A{8uj{6ί.@8U- +C}Q'E?N ]ig;FM`o6  Ug PG5*!'Wj}lR-: = cčI e@ p1t`_r@yt94I)"JL)3;ldr9Ac/񭀥AWLx£)%wG+ beCu %"rM;>^ܙ77ۙO`QcvĖ=u0.l?mT_{ M!)?ćq{ "k+i߇bH-jmhF`y3  qم SH4=2y)Z3ť?ͼ؄)K=Jh= mEg^LšZ{̦֕D7'PnsLͻ~:9REN ,g 0sUI v=`H&*+tT[$3cV~٬x|XT.޻h0Yh~%mY^ZWyTM K>,D ‘H}dIA Giuz*M@Zod!1}M&"ı*;&b Y g!B6cVZ"Ir'zBzӁ0jOGWڂAD눷 uI K{mk)6ɐ :LjBUBʅ.@0/b@Dnp*#y ƙ_[hlE;[Z[r̜ |wʦ΍y3i^Q㱰@8&gi ^qxI8np$;.nv5]-$do ,4%6A=aml`ÇX<L‘[bT'HqQLST8U>']qN|ٛ*k#UyEmDI~~cSfUnWg):qj2ym^{cS^D>eKuRKBܮCE(5P9>E^cih&7'Gs F_!CZ>mVȌxFyYE#$d.=Y fװ #L -nuGuqv#Hs" ~tGun8d6 T x)K4Bm %&I^<ؑtl J9HD= #>AQL e4βDeNUտ. zj.L}vFy|Ooگ܁'־ƿf22mƪ_]hpVmWCPYDrO' V AoRwHRS{@ p(5z|4{udёM/yӧ2wvgse}_>C gPFܘmm9cuC NW$:5Ja.)հbR4Fp$c>`Ʋ߂`O3̗ih80&a8.'0"Ñ<q$L{|ʴSYğ1IW15\=4f5stέg~`n{m3;s鏘G_/7]s˅,'F~m`9ΥkjP̆,ù\^eXm9рqYƹAK£bhlPr%=QM`zѐ"G9%[#7=+ziw905& @q&*z%C%Zy`Bw:hd>k;]AVV \/j aZ7eb-)R6eWsJ'~ @"| y|h a9{ \ˁ (B^!!W7e}ݝl'Nzwg_r~K6fx/c$4@V Ў%LhUVC4FŐXl41Nڄ` 4 ک,fg?<oQ1DhN̓ TI-4P0,$ : *ŷ(oKI Xcb{QCzמ7f40T4:a{ Wք}boR?cfƌ~5K2?{[3֗>8ɰ乁¯}ʵ$שߖǵݶ; FX/6jBC92GĽaa){&=Ax!72I͔&c˨5-g x d;ITMRh~ҫ7E-89tMQ93 ' P'7n/鍘PxyBb YZn^;Q^CQîv0rzL3FMɀ e33r;MVA-t,Ә Cqzl 19QvL{gs uvi0~ƥSNԎ<ə]hʠa:`5M|Sl}mik?ϟ]!5&P펼&yȻ$9(Eva- Ѯ]!>gM=)Cr)!LRƠՍA+Apt#c208cm,(ܼ-?&OtEpļ[Oӿs'vJJ|cq,# J PQʣ/?~?A=X;Αͣ񴺧qbֹK_(hq z; ȸJfYA'} \e}1ƌqCPE^dbnYJ GX$EgO"G Y"ey"CAwј1i3(K,kk$;Ltsd2:CEHp*΢YX+Xn9dL?ܜ\iEaI;ʮ.zr :zrc0`p^9F0p@lĽ$jߒ*0v߸iso#?ң{FG>7يM"鳢`ʲђϓˋ+aգz`!qlg̋DQe^!AZ{+]޷\cW lW휝ؾ؎]q^'4M=>eiұVMB?W "T )I~+`TAAQB釨Jۼ{NtbBλ{>"Ǿ\E򰨳יu-zJډ/8:=ԡ[[D/57%ک12@8uܑpg+@!%#Ǵ"($9ɱ76:̳)xc&4ϳV6U:Q,-"#ÊQ5+򔳧汄̪xJ$ʚ <$|6Y~x*}|NF3AuDV9U.NܔN0M?4<Ռ`ß띝@?AO l|M\9E(au{g~Ά IJTȏ_BC=>pcR^>aNfxC51 hv; {_S@QCs0]1| &?ï2|p-9NLr̔{PGųQee6XK6@u,xnƩ!F:ȠZv:!*+uKJ\S.)!lk`Q٬d߷-#V8h Zf'qI'tfFi)[boVس^4-ֱJ,֊LEBqK ")VұmxZxy@ mYQBq w=bŝ]t_G G ;;A_")LJ@u] @fa\e_"S7gX/RK-KRYvͅJl%hyonok9Z&;VDFvr}L7|wf?qM67"~(]$wI7h! @A֋vX2ew&@Er=jryPdA  {\@xv[Pcxv+`WV33fp2ŴIVS}"ޛ`+j$eAu5 WiKoP(}~}3U>,{ҌaXo=FEwvBiCEu׹-> n[=E}'|^N'FV$kgV"\6*&pL:b6NGNF~ /d"6;#yC<.^W-1 ?'}:n=.9ϑKqQZP+U-X$^ ,[AL` @ c>GHtC~wRDdyd=ՂAuBTM-Vm1Aw9%L^!}+mNys]4Phli9~*ٰ.:` $0.O`HLe}yoW`mȭ%>5p^[{\,;fw>ԇ0ڪH-l9;zg.Dv?գ/Uy;;>糝>gs88 cREn+ !PU~(Iі (tlZW5&--Xtշ%ҡ,Q.9Mm-&()n:^SKߥp?r'F0ճ䂶ĺc"_E5]TMqL/@/v L^NXZ[͏>0Vϰq..XF+f>06ّ^N#93RCR֡"ƧVYm"e0b8&13ao avq֨[;B_lݷ۞-Ml/ְW¦ⴻ3HR՘IU;2dY_՚򿇕"&͡]4גrs;n.22Paeoosbo|2ޞʯ+oWh|4R^y}p$ئYaU[^K! oe|M# /W*D1٪ɧڠf JV~#GT^{i#*KauR)(XbZ_LBh}]Xm:%,I_ZSìQ z7hvh]61Z=Qƀii\ty:M3M?ֽj)!d,[y21O2%TmȟPT9Dd. Aʣ9PG"?R)ET }/PXJFr^5FXh"+!eU7| d>&~uo=@W1sP$y|V+M9WWhp퉕ʊJya)衞Zk-ǁrRm]pٟ&j9aSzQ9EFY^4Lqu0xz0p'=fO: UWlQv9Dvt$A'^&Ƽ +N6+pd@B\m}Ց fBYnfE)439|pvO[u 0 Lpd;Jt]:ge&ނ|tO*LrRYh=o[ UԄ>&i&-Ł^%03/j[d քXB^Cߝ8 \ȾxA><% s̍t^f&Q 15h--S:BW,XQpƤQ$'d91ȣ8-uW-Zw-1% a44 ]j8.HL@7}Yg.p'1E8vkyinb f9x`ϸ3;]tՈGנ5qt:;SZwe4%\y>_ "PęiCOyiHb"#e!#IE;khHW*Jd9Ҝ5&)_9EF$NFbX ?Is@4b:"\Hy`a}8`'dɭ3[6 PYh?IZ;>{.48Ltb!^1eRQʜNluLWAF0mo l nl1]H؛ m%GyUJF;p>. 3h$*RbXM@.sEM ++lkթ"bAhw774m(lh^l)MHIhKk*y哖F7շnoo~](,\wsp M2+uGTCHB$r-L4Nyxٝ^ݙ9Mت$xHH׊GAěDIt.wu_tu3I\"Fa4xF=m6}yA%Ex&:jm|hm[wfC/4F{ 1Tab85ޭ_~~0RL zebYL#Ox0/Cq}[/ K9ItDeB} o`Sz0y3*(#'JL /͇J` ׄ.$3hg0/[Qԩu"|$|[#H%R6 _::|-%A"k' &'Po\tg^'AijsjG]r`H7뗓%{!f[\]jn2y5>g't|W ")q=Ӭ)4%g)°f>?W \Gæ&p\!uXk )dH >]|s9\qHGKLLLgDqop y$ޓ̃ڤ'@$E PE]FU@1gE,nN=t0`s|+uh,ހ| GHY~ wrk.faĿy}_i+DVݼNzĊRS<ݡ~8p4G/^}ط*$ı' 4ZXyqtŎ co@M.B<1AqUh坠FL [tڥKvQ()Gi"d{sl;={7qZPo$ޣs 5NO12C`xL>S[";}:5(- kk}Xo55J%# {,HtX+bH/ Ăz/'f'3 '*A  ȿPphUڮxa,P֢MeN P!rEYܝ(đ=|K&NċENGnEtd}d{d_LN/ŠxT3kU,x:( ?h@cD1%,+ 6^\%'B[9 X,E`;x2r5Y-!v,+gw.TѠ7y<4ֲap ڞW_THʌ>)}^Ht HrB" `uC1 Ls.#coJ`$`!WWpr;9VD^iBMЏ2=r`؊ 0p[V~(1 $w;].e,+ eb0*D:{5r}9Ɏsxr*9:aO2;7m67u;b _eMz+qW[ndEYmr|}L;H󃘕d^+2.ͣ>;K|egճG&ێ'RDݑ,;X׏c}u\p #r  {m-Vl-V"Bͼ QKb#W|VadR4j ?E}6=,P}8U* ͐[1I4?*ym60G6roVg]s#iPȿ֟]rt5> VmkSXכ p>::K傳\TL&-3(39<.NT3Ό36{{3#qxך}2ϲT++aB ƓTQb9>2(R(eieF:WY`,Weϲyi^ 0Œ1 ҹTudincg7yp+%'F!f۠V"WP0:~;mČI b s)U!t, gY^'*Ud;=.1z,~ ~R$)k|5`JN4~:(Ҹ\>em: xjAs)rĩ9eSrBjsx $ +@ˏ[3Teo޶B`| !G AE5dLFA"b x88͛)LJun&骽WማF5x:'_n}O.W~>ZP?d~C' *jBTQ#D=KsLؒiԓah\=%|yK(3Q!bt{cSU978÷A MMmDJ%6ȟlvGGh,;~KId5z;;Mߢo[4(rލ[IF8G\Qp `LA5i5̲9kΙ z.ETbfa^TASi!9R cdL2#vȉ=!n0DhE^D]ܰOR)rH4\ta\Q |} Sxc"\$(0]@` X3톒oK77XXE1lQm&Y[>&C r#Iz)h-eV@t ٹl6O3=Csw9 %6pBxzӃ[w/]}| O.;╫E? ⧈D]/T7Heh !Q+x<"J8I_hɢ+' ?F@9UQ,0%kHd Q,:IT(CrPšĤ)'RQI%*!( @9X'6a {\-T.\h,f|>ܚ+垫R۪69#Y9z3rSDԒX}jl΄j&ch[BdU[Oݯ;-_[ ntŽ AsD8_i_ 87ᛨu.L[Ik7d^s2DdQ> duŧrW5Ks1._7%ώK|؎B|ߨCH$xVXU|!-cZ" HM݇RjTdSn)h։NV2Bք=kgܽ;?,ʖ)hA H4ELx?hhm4<@=hAL"}%!:$5c4ek55kÄ+ ֈ+WV_H.Y J<:=Us )2rكgԀ룟?]q xm /}ysB%1PF{ ð' 2qnE|jH;ʼn`#&iAOI!=xSH{31ma%.WHipVn F0Tkq!#CVCH0kUm٢xۯnE8\r-~v {pAOS"h\6-/ UA:|8L֒t2kMe-o)h9 e0eݓ+9^&fƈfl$t]]6vjnIN.Z auzY-k(JRCRg SB9 bwn-?%tWXqG%& I:H5  NȴtKMRTL\.rIRzo܏E{WL\{n+tp&=bwo\ol Gtwuxյ^.H?f ۙgI e{ReT;|biZ}ΑLlaA`8I遅yM\)oJaáƒク>Rt`)7> 67fӼBJ%?6V-+(V)W'``fe5%2sO ^vC+WIa ^D; ·;gx:8FxvPq ?EɡPJjVw'Yngx$ܪ4(c%f(5dzI.0$fT} %ld\"|0ݷݞ|*P{ӶWbOPN4CSHvs4UM l+$Ļ&I(VFࡦPyz*3H#LJF„Ʃko]rAf4񎩙ߞ,q'GwW[ү;>'{b?f̞z횝 gQ̖}sGϏoKk>h4ҝ=qxoo^PSnH@q'nʍ  +v!/p,@F1uxT #[0Jd}mY!"Q<)u cy()T.l'TC# GIR֦LТ7BZ}hVooVoyÉ!gc$ O闧SZEiH!QteiXyL t*|sjڔ5]`#W>-54fb g3˙ hf:3!-C&1淗YfoTcH|ˬUkmJEZw&~ v!"O.^cRTFQuZUꢪ`,uEK'((QYnTZeD"-z`_X2x%b4GF>F"W\ dM!g:[Apdx{f}uV>mm<O?we7v49E[f%O78]ߌE)=CmɑMPk 3Ȁ,R4ꞩ "htvXh[d3Y1:5Z42t>qC篥*lU`gS@Í3ipTɢ"p\{PצZc۶0/et%l-RmYbFɮmYVQcwzG{ =_3$*b@3  u[P# +6ېQƐE;Rʣx};Jȼ\8Ӿk{Bd>d%D˨<  qfr@>vpf `<>wZ\J=^ "GZ7,d-[ kڷ5g.1VO:5jc L "WDr4ڀ9nѮ`#@EGDZrvQö᱆F4-k m]Fj y2"/lMn9d>ڒGp`n:fKS?G*ͣGހ GH ;JT3-()q)N>5L֠م$$M[%+]ѨTI@"J%H*㉉i.Džw,ӈ7 ІyəFty)(ZqjPP )Iߧ2ݦ<ͩUhqH m8+ٹl;7C֜;K-76sEplPՏѼ)aW1)ȥňّ7.v h y+/b QY]]YYW"q+ $+p2M c2/]ްT1N!UP`mCN:YdžnA(i0L`B0*<)sv&ȥUwyKytw9tfR!)bƻ 7Ei7MޙKOHвHwT}ԼYԈe)!5EߑJ $`nr[_ /QqaAg2i,àm EQh!a7qȡ.A1nh@ D3sy牬!e*)cqH!Y "Ry1==O 2snSQgưvƈĜJ\uN]RՆEIH&!StMĦD!+L[P&[ƧQDi}=OOK"Y!vLڞWmǗj{0>uu[ 2UMt膰 4 B. w]x5c [̳@up[pW7CM0 =zns(cr5||5_0;  C~5^#"kG)u(6wX`?B~ C_Y!^1;XBU] og;}\8 Blc<6V'Zm9[؞we$e@r3cp~3隦Mzz7&ެ[ח@naҨ$-@! T3J&n");o›J&1l>YOԦ;3n13ɉg``H:H^SuPb%&Y6E]qlk2_ ˅kgc88~|sq8s hh!1&n)VH(ҵ]FTZLԩ#HjeYU6I4N*my_ہj|~|z7Z^.Ui*U*>:=1y 9k!x͜"H$RCsih fSr&*I`yǥo pיpx*ኅ v 0X4d420$| *w (rIRN 8|6zq WFbr+!o9pvsf>To.9b]|^.(s"1yJe횬&)f{,sӨW dG`,oED"Tކj񰋢5'3ΓVE9-G:O,'~?MVم\nt>".<(Bу:gzHar:6Ct=O*|*$D N8JBLlJM$x 26`X=9G1imy' 7/&x=y5t=2%G 6Πߤ8?f@Tv5#- HEpQIN' c_ˋY2 $y.pWKv|S!)\!8K8wY6rQ,, /[zE>s8&)yÐM &Ϊ= mho?)nk4;.,rYprg$:R [frfke΋E}d۔ ¡])pdה(1}!;L67"GORHpʑRnѧQhHC/h]P hTG4diaա }>w{I(a] 4 ->}L̾@'}I4u#ԟ8c'p;qgNѹw?{qc[4U;ZvՂ#OKvP{{5/[F|W"j'`d +p[\r~$IΖ&.Lm.IɹѮHb[z*b5]<#jE}ji0+ i u'^ ^3cyh5ZF]n.T.Wvu=~}&[(Nc2LFx:\T:6Rha6Pȫ%=Xt\p0O4{BVbRl9kMSi3CqU\Ь¶݁tDF0Ek9'RToҴ4khP٣QԚt(槨) ,1`ڈ-) aMС 瞛}}?S*uc Kh07|Do.z|]M&0{'{B-_ܖLmh9B胦ʔ_'?lQD$\1DC!0w%,i +J'F=d'=N H{׌؆hVBYl,a(5JtĠnZ0]릭guJol8,Ŋg7bMb; iNYSWע^͞1~&Dy |V7պ%e^t۶zQ'/Q[Q.Ũmœ ]R"]ORy_ӿ_%<Y NlWWS8= zZ)5ss0Fe$帆>]khc6!oAcDkZ+a'#0 #X]w=7zni:5h~;=3<{Gʻ ?>Q'{`_Nɡ_@++E ȷ+PV]j*%ɩwi:"7Q֗*_ŵjHUFn,1ՇէUIK&"/UQwvz~پسs\Bis"{^+( U *jE C\DS?Ѥ(u6PNQ@q)UVw᝱Bywgwfny-@Qy]h:f $6vJJ<\=?0慕D)!IPRR񮘄jnѐ17q]%4UB)_|:cY|IBIhM?;R&#"׋T (9JL4M2%p+&kN(7v| Kur9T?Ɲ}s]==7i=E<؞ڤپQ5l0c,Esoymm{?5X^F xlŪ\hGo$ VZ}%=JEO*BO$JLMm(Uo5B2ckՖ2tEIҥa_w]ϢO4+v&Cɯ'dN^" c)H1[ݶEju8)mݦ ]-</(Ͳ/lYd@je[?efb_\\ݰ:aFL34fJPD"37ۯ!řhXGz1f/ELLVPϞM՞(>a?y\s=(rIjN"2ZYA+K)I _wQ9(LPi$=U) Tۺ0p?,r9N_i&„]aVD8/2 ꖡWR% M[VbLkE[F&5-bYFI r6Ag mZ WJyi٠gBrԚ(NcI[nL.^f2o ?, @qLPTڋEmLb,LtCCX; w*p&R sH;Y˪6h^V[Sc)ݱDP` űM+0R s gh2)T$Jl :0[DEeVU Yb>OҮ/_ZIGt'~`CCOm9X%%xW }P鉅$o}[8 4ay.R1a@K8A  W "V%JLDOG*p {VPlB^`+jkO@PԑŰ7^$rXυq4+ A0Fd:s 1srX‚,,]2^)?>|X 5+m ׯ4jö~Ea;zbA^_]o辥:eDp*0zfiL4p=ȦjM4Q;Dc=A +k@j|NPyf9SBRibcP!+H, &A%j'S>]8 S+Þk6\b@H6fQdaWaZ[Xj'd N3=YB;|In) wU倒^&! bRbqQF䘔[h `3}n{+kєxw?x܎A;&wcή;.gּg&Z1C-hg`Tv&}ї~Pd(& Nz ʰc?poXɊ&w|$08ݟBtlZ[Fկ|?}Qg yY,@d4O˦L4~hVc׿Qٮ82[~ ;ƴ~7^~?Kq祾II)$\I ιu6+$Ybrl21@8b%`V\-q4#Efy;ʧk(G(OYrrÅfrCP.w EpODXe\BAEv[P5/=n[D]- j૶^}rxK\JXe@ ~p)%631Ǐ'iH$trz* TAkfm Qw̝ՌQWUTF qjHP?{0 _ԃ7v٢!XMbBZ2vm[tM?ƙUJ=)^u{IcCLթS*R# dDrjVku{cϻU[]IXd滝%%;,$;~svٲo d`+i9QxY1u:EĆ~q؜gCuΘ3gdgu ;uq*R=J1`v'D9y>2ʜ:Zb='`=NB8_SU9D+((T)+%ʬ+(+JH:$iוjF4 X >İ)a*8NTC$*$r? $R"2T dAR IDa E~ 7[#j+Wש bܴ'dtQFo˿ -xa脊h[]CҨ40"Wiϴݱc1ub=3LfF }_.KkzbLQXh)TόQ ߱mim Qy*sͶ]$=yKpSdvEvꨉ- 4-L RlL%PZj7M5o{:04]NGft}MZQ[*GFmM6(_/a[3@P5R`1AK]AŒdQq7? X^ S-F\X:"BC/o5k{[vW܂z^o/ۂ:<#F+lVF$%i[7{oz/:`oޅfx|6 ^IjȷJESduĒB"`l^JdݤDKK hX@-ZIwhBdi,`C̛qH`N ǁeLB D7`;v*d|HTv0rigI;P1 Lae&ipe\9m1O<"<{Nf2biY]'IY:B|Na+꾣ӛ_9L4{O5;9Aă/l$ N]Y9/X j5*ѷG+ѝL2;}!H}WGz*)"L $ xaM/l]w=U Q^_tWkp>w+,KZKl˲laK~FƏ%ؘBnQ PYZIRJ0LM&R Lh`ȟLNZi;L'&Mfp`2mI=w%-=g{.i;Sl hhn[ W l Lm F) K⊛]c-Sl&c8<*{:mmv#-m'LOOLx>/>~^6s$r.7_3&DHJhc6U=xXt`h$0 {̼h"uca K0d&HfUY}A$Wś"I-x˼`3;`F#)j:Mq$se:5/Ag-f/jJcN֜F'[U=E#Kx#Q(WzϺ6k̛ t- *q{Dl6v)y]yJKܥ5@xo [KfZfU6TG:Z8om9N7,v.SV*; `~V}En}xhDnh}`dzdˆQJ.]ҳs*s!Lu#MHo ׍/ Ȓ/ߏf^;rtTi f`=ؿD{60jlܙ}ՖgO6$I)N) i8 }$cY!3}-$PqEET FB|>z6% }GzMa+-daKkU}0nA؍TAwK&3~z隽c(ǃAeA F!v.݂|h"䭈^o6K(;c}q] 9C } d7ӹt,g-FN>LVl0Nt_}+1Mg?E>`p@/ ~I~ F_#A H Qy а-b8q3\6$g  5(=*V?e5 1`(>}?n'& 8Yy1fw>s ~m#a*cǰ2F`cbX@?X R "Zl#sAy]ؿ ,>Xl,> ܞ

!maE!mEH߃7`&JHG %ƀAHH5h082fP,mEt2U괁Q2(p(hЊYkK锂 ^X^Bӝys0RlP;ba&rUYķ5>wkT*m]"8;kd0!K5F$+BI+ \UkȪ$Q˫+5UIF{}KQ?KzbkI*F.wwp씇9Վ6֖ w ;NU4wҤ})WjlPlX+V|F23bYŸܨ]Fe[{ʘ4qOJ?*[7N25ph;#a[c3-q5%!uNy5n)Wt:2l٢wWl|ta!iv#'vKpʽ ωa+{YY'32 J⍦?DYHLeg0e -'n":;Uоv|6*Ϋbhmχ}}u=TmRPf٨MGB_^(h';z` 6G1䜓[>n^3q_iNSo#.rO.#= o~82Wa5ZƄO_I ??Vg_>SK[{_J=G&ysl鐗(l'iBʃۋX4+&k?UuY̿80yŜ\- >&ۇu$#6.%1у|+K V]anN7 ƅhdyn${w}!c.<ߗ_]e܃*0|%WKE) I\JP. $Um LQq0r+e*iXi;tz-ZJі BNwϞ%dÙn2ݳg9N*s*6ֹU\0%ŪjywTPO3^d4g.ĝH9_*1^M{:]gw1\b*&.~N}@Z@69$q {B}0~?HMo!ql0 |&1s~MxzLɉPq|gcZilo"! Yh4uzy+ӑdq=}9WW{_e؈.qI(D7 9>]}O췈OR/8Cp!B+z#|r3]TYiquM75fGYlkQv ODGzMdI&Y˨p61oCEAg~u'ЅF4d.i`^;ʃvu6vin&˃r8(_:̯_@=Y20^ۢ;mU-0Hid'c=tj[YFOinO&f_ Yyk}ݾ]tnez[ށMIYEV=ZOm|ߢc~"}(浆9u1b QyלC!voD? ֚y?:£'ijZ=%|py?wz[A3,rizsϜ%oO4'x;wqc͘ ϢHQ2^|c\̈́1H׻Ι K8AA[x ,z~?9)$soG O3oۍ5+srq߃dۃu4(hoYQe.\FB`D}{|$c97Z2֟ G: 'w$s`?tlMȱșIԂ$]Oʽ,R_x6"{k E_>Pg?`7'ygy7?-gUPZ+,O}v;P[ -M5 r&ZF[J{٧h H mI0.6RUµ!,f•"+,ǥfOZ)􋑟뵯JgLJI 3Ҽ!=R2o9DZ,z_-cMAٝi%cZ:A4aܸ^>ɡN`&=ao)ݪ|ͤ\Dk|}Uq|;1}Jۜ0]T[|OGoA&S&3:˦M yCr\q*ϰk[1'e|w>s_P2b^Gm Ҟ&a99(_zKpZr@Ѽ}G+]Do;`h^ w81lD4^k_kl5@Yy*! q phT ye~̀T{jM@`Ul*{ `~!?dȢj 3sf[+1\Z`3DWw_:`Z1P2|smc>ﻀkz+5^F>7G;|b }oouÁ o/ l;c <455R|m`0 `0 `0 `0 `0 `0 HZns/.@2׆ݣ~E#kOlo.;,gd]b|.82gd.GkYl!6'r.{,oe:]a$r1Y2TD IGj)be]G`%c(g߀zUbF.a ^_Zc(OabU4{,aVlkY߮c˪b3kk-nX^S+X2Ve ƪ%93N/̪XUg͞Y?6( sϲ])rYYmcޅ%Zei&ˇHjt@Q;M!vZh#$ 4`ULfN:Jv3%Ik'9g׏cyysϽW5.D<2Rs`mtޗ#DɓT944ݟձ¿=O><0-csĂT]O_ڳO<}z1_݀`^컈Y`NƿFD}XU`{2C֕ܨBWl$ Bs2NL:hgrEQZz>:WKO:J~=Eۉ6`ȲTEh5 1;ekIrVG㨃GCwYl 2Y% &`YYӶi=Djݴ~949gaY ,ʪ[cVku:bu YlJyNʩ;c,n#]|n,,H`+E zn`yhz.\u!BE&=^_`59`o 45| 0pjwsU|+`鹛Xcml95H9*z0%܄%n]=jiҚ|MeMBJWYV9j2>jljxђhnhdոuI* '|EެLraW!(S`L":$i@FL gr">,s%' >anZn+7  'tkJ 7e#2w0Zk_ ^-$Y:ۅ.Q́` bIM(̯qLR;V -ɯH>!9$TiP4?nPѠFC)?TzZWw a)UT{x,lL()~=ϫ~U?{׼9ϮIv g$7H^;Sj5W*=O1;\,P0+"+A%jyJ!R CiBaCnO#*?iYzѿzi=.@c$H}71>ƟE RbIL2ZfL;f=gYeS;d5kxx)"v"VҘITݚ\gŨ EkMmdXU"+&]H|RsK.^%%Rv U|߂WąRy*o'8Ռ._v4Ew|֟#q͟RE>M6U%>ⓚ̎jVsZ ՇɏeH[xcp?KQ &ӳ& ߈Ou)*`U\/+!6zXm;mO6<"J[=ؗسvn+vbK-Oa-jlm"Xoo}<;ƧXTnFnDwєmq"jc_lq )Jv4《B#yPZydо'q5f;Hcَ~j HPA(wҍODB+xWPdno6.X,G=4(Ȍ#$>0͗<>ʳS<䯳4vcwG]VתuKG+0{<ӻo`Z;i:#n-nxHC۴4<ݡwF6NkēcOu\)6 ՊƢIGEzLsE\c+FcvR}&Iř硵wlfo--gEe0:ڪKH x`&. ]"BwŭHn.\\ܜ >^K^{.v(^H!N ][/Bu7m(q?kZkCX+u mtÓ^\yp.@ Hej֦po\T@ Hdb,)p<*±&n qT䴰h5V0$РL'$`8r=ʞ_;K܁ ybQTGuή{qUnqiU軰7gS>7:eզi CJK%.8MR2 +{Ƶe , ^MYBA< endstream endobj 61 0 obj <> endobj 62 0 obj <>stream H\j }ܽXaeK!=д$+4Fw&.[~2+seMGUcXqgZiڨp_'$e 8TEQ'=k[h$P^ r*Muiv|-![i4Fk(Z R]vxQ9Ih"N#Y93#GS9R,LۼaÔ+>stream HU XSWK@PY__\KqRV-ԍb@VQA4mQtlNh]ƄL;ՙX&2:uf{?`LVf113\P8402j,ly9'X5@:#8cG.l麴Q@?z}}Å9E\ sSuuE-+2꤇?K'__7lp LIdpm `ssrqEW1:!>[8Aj K#W~hps N!cv#[9G9%RK'W7]zxzɽu3 Pz >}>`C~jkz=z谘Xm#xs1cǍO0'M2uZS3f3ff5/S8dw,,]xIYҊeˍU+V^f[_ao6m}cOv*78x=/8ygΞ;W_o\v7L&R; a(,li g,%U͒F4A:Y:M:<ߍ䕼|$s"~!RrEwRV(*S|NʮJ/e72H9BS8J!@wC|BoA# "lT( UZaKh 9p]TGSԩ fjS5ƿ_)tt:4!/{8j;~._');{2v)4%tj2lhԶyۼ<[-MVS[Gn{ښrNfj-nGi}<Вe)n`i6kT 4mgZM{n [Z͉7ͱ(sYijzbzlel`:o: (5eocJ0L&!v<§˃s\ 6c7.vm}!?}_ u(C9 pKxc+<`d_%XxXe$A~؁o[ 4vc:RQ4C:Y\y\@# \Wb`52/X,db&rYE.fÀi7u7q|ȗR?b*y4ޡ@QOgߘRRTԛb mHM}/-2*TAh9 P%U ZI(B(pwi57V\ QbNp>I, )Fb8a *z+Q4rE3sC35=p[6dm{K;۶v_z:Eq"tV1hHlsml-؉) 'ڶZ βgWٿR>9>zԈzVnBTQ)J(~q? [,]](?UA YvQJo'ʱ[-J [$!8?a9j]_α?e*O-!ˀ9ʑ Hes;Ycwuo\zTJ&7-ٴ?݅`"7_2jbRe8by1>/e0xTM żCJPa6Wp^Y͎ WޤDPfb$B"ő[$P:en[, `=\Y'>;uYjBe;^HP?(tlP˱̮w?ѽ$DlG3041$.#n\&уzZ:{KV^YO>Box 9.TB~^ӛ|b2*d!!(-OWe++r:Y0*c+-V*` {3UAtM6*-lѶm%2a*''XI3 Az %^ n-`]$FѮ/?hS j*:w{=܎%tsl>ۍCt^38z(3۷vm$ji}'ڸ! w<սgtb:3naA؉tr%.C`xHU@Qhw?_9?i2zv"= ԭ#)8-<i,/(O=29|/f0~~Q27>dUuiMbb`Br#BBI ub8 qB4A4J3diҤBDKۺ+&mڦm&4!=utbմ~9s=skZXLTrVk "iyh\SnVU.P"OyP ,l;@'ڢK>$pAEg1gLL{1 blt8amf[Iѿve! x[~kЙeη Wh6aA}6R6H7(ieʉ7ՠȓ/4>8Gco3z+&ܧ2;ϑ`+k Xxe438J`uF{z[畆+| |&A] q[Q~0>8EݏXٹʳ崰B9s3+ٳ-Iӱ\FK&<rqW-|WҜ2qwҺiNf:FW2W@/{^x1M9#Ԭ^lm{|1lwv&Tpз_ knWblg+sy YĹx9^yЊw1ף< |1?{5/G{xg0˵Y:cmitBhRK2)tœ~ԏԝ[r|8T}YnL܋[˄NPb;Cۭ+h,^sSӞZ-+HƻGc9VCv7 QllccF=66ȵj z0:샨|n~orx&sZz!Q unoo\$iɻߥO y/LH?K1323m4H a?vW*48fIʆ|Aq)T>O! g/h55FEe}o)kHQʦs1G+%oY7lV,LkZ|,S[KVWKVik:d%Jp<|$4xltEf][|-u̪H; Ñ.(/+5wvB;fFCPP(h8y ̀hijm6@lp,£ph8 ~vGUcWT3$=h#i?PdZ(Bԇ'kפ:pƺ8ƻEOZQYä 㩠Q9eTԉ̰8>$IiNh{wEk؋a 2[7~j\QXj=Tz1谵QEߍΛڀ;hXGO4?c%UDG1uvyz]=qWQuvD>5]vZtF\:#H@)r;s X#i 8絆SRk(V6oBmCW=\px8'`Nǁ ?'>*HH })`pRzow1ߓgݝg>Zj|2i7N,4FBc8  W3~v@ 4Ɔ|c'A o&|5NW8t.w/s:*>ՅS/**ܾPXs.Xݜk.7<9s8]9 rsry6[ٳU&Iv8}GumS{pd7ݠvRJPM݆l cC[ٞykYMW%]MoOJTPߞAU75NJE<>stream H\]k@@+}(If >kdtk 1>7戅Z8͇ܡ7]m۶L?W8C}}>6ɭjx:]n!&5^ ͼ,>&鏾}դk&3a|ѷ^I޶xno3_w|޺h92չb_ǘ̳0Y$>xlto2-& @4V;Vrߗ C YCa !-hip4kh }@DkSx O)xZ<Oi<-Sx Oyxr98A89(砜H)r)E"Q9"GR(REJAika֞Y f3c&y3`1/Ч@_qʉD_!}B,s)E84nNwյU7iݷ[Ν$FH endstream endobj 70 0 obj <> endobj 71 0 obj <> endobj 72 0 obj <> endobj 73 0 obj <>stream H(q  / endstream endobj 74 0 obj <>stream H\U TUy܋=DS&//W"oQqzK!̴ti99+1Xe:Dfj]i>q,Y5[9>gg}H6*Kh޸"`+xlt_ U@ŕ%Yw/gd@tFGg/DKQlr3lg.&:X5UI.C r >1KXXB6"b!L9FrqJp,T"=EB^F|(2 )sTtbf^w8'1nrh}9xm0 _lhʤEn2zc K.!eڂrzS"5q籐7^u֙ f,c( w8.3\VqT'G' ƣx k#8%Dj@+I<ͺ\l4IS*ي@GR0//S@?օ;馽4?؏qױ?"=渱Խ;.B波 /-Ϝաh䭰VWL7Ƽe2}BԳ5i\ՍQ,qۦ|$'ܲӪ>>ܴo(**;#̳U<5-jrP +;ZU: #8GËY ^l7W&RP?$H2W2O/rO7 bEe*V0{cg=a_U -ߍ>7kMYS9@ 2# ϐs_&ʻMF=7en%2yv#%6vE/cpxgQѐ橡C=@d Kd5g2[[M 1%H4|ȹ5u   ?<#~Ҳܼzה5$<_՗V'PYyM\/y$ m~ `w4>ݲx=`Ѵڷ)<^n:xf[jx.G$ѻr_K鯽O&!oU'FW#kZ?Kdľ/M[m t. ˪W)IVZ/ lg8>@Iv`zi~6ⷸl~Ooҕ-!\d>r(;~ZO' {_kSܚ`T+YS t]fa2O#]HZjIr*2uL9L1_%i|0w+jW+:?&벶^wsZh#n7P%13.?q6/Jcl!!'eг8DSCN \hgKOf)4،+ʊJ^.).-.+fx:N»XSE l-n \,ș 2NXAd%a'(8 p" Sl:`ұ_K/ 7TVSWٺ6D~[nvaa܃0~ݗVj%-ieKZlK &1]' ;@pa^1M !b% @ FLH;)vvpB;20M?WhN͍/W.=%b>c@&0I:kaN V\ls פx/sR ۜ#p>y].yNuQyUb7Qjatc5L =|n'95jѤ'oVOՖ߂Vt6O٥h0:ۧi4JC:_č'3g C+TE.j+j9QId~mq`mg7=;w].4wu _P@#g=)u.*N7pv1&m֩Z$Y!%H f ]3kh'ez>a^}XCiligzd8/_)il[s'u}&}/rvM%"& jBp|ED)2e u(QɜrfCʏgѧ:ǞX$b:C glJ~m۞4Gh7" O Onn{Npb{&ڄ:qņa4,TTwBNDN vU!J(;,uRy5r$t7z6P-6?w[ |aH{Ɠk:DkǠOcVCo?0$Ij n`:)٧Rƪcui6~7͘`Z?d3n֋~3P#bh+!+#{sԷ(mH(^)Nۍ.]ı@ݖ9VχW CB" Y)V72xbE ߺp˷_^߱",jɃ;~!¼c%_ɮO<`ramNvnӴrVu>^ Rr?tuW7&mRQ"z.rF lȎ~#lW_V8S@q:$ś`cGDskV1m$M/{Qa(9T Qvjy!4'!cbaT ÅTDXT !-tkBBx!22 IneO[<% @q?w˻VɎK6^^˕#g%,ʦB54OyligG^;]0wA~uB KA噄)JF\gtPAIDa GqOYyGyNj:xy8;zpIx7|9} mMc۵k-/\#&p&8hjx}tG[w!a^쫏 !وM'16WddU(H;tAW4۞<8|7<<;Wr~qEIBrOJU;VQ6d,b+JZ`cɺ=|Ҷ.O'Ƿk;Ȯ&+{wdIߓN>I$$'Gx&qq1LL i3hg7-DJ0$PMK)Lg2&ݽs)I{~{*%;Qe6N\a]a ,ִ085a^0{|G~$=gY n}M73BF*7tNIׅA^̈!adc9n tTŬN.1)9tl3X'Md-rO53X'wpwrE^ v֯W,kQ,։EG6 .Y_~wֶ}_ھ9!ю\DFAKI1ƄĠEU]51t5l`z }Nneױr? cH1e ouc-afR+g @>ȟ娼./g0%DV$12{3Y 9)*5ika(p4h:A'm*D;ٱ qDwVg1Cav$Az4j}R]ۿ/I)MW]ո&_#?'wzHٽdv)ބ㘏ܠi]5#Sɂ W8G,q=:{Li[k)a{V"r4:gF_(>ŧr?Rlag;VnzІW3$F8)Ur)1F JMpaLP,i C BXK{{/!q@߅B}!<*6"[$w '~O('n<2dZ'reT_[[>Ԝ=Y2B~zRlV+PkJq#߅6P?3`!q0x?g3藾3;Et!pQ}Aw{ѽ=1O Tk$E?g3 \,eXBpyTD?dG-vhGV~)``=p%xR.rCT{ʎ7P,QwU[jkF^ܴOcVIB 6]WҞ䀡\$D;5[^+lɤ98 tr(?Wt>hm*J}鉥/ߺ _n3&Y=՟|pAZTdD`na'$lh8{ZlavRvzCO+++q3S(QA?#^ӝST)WU86B 7/2O]#הdN]WܙMWϏ,̭+m); "-He}-3/"ƽHѢ[lV#"WSeA-QCԑf*lc+̵G* BA%':K)t:9W"vt + y5?>1Ҧ/м܁䳘SV&Kʾ\\,%h)ô,+PFc4E{ ̘ U   !t^5$![===P,'.a)T…&]6Mgξ;۱}>ߝ6vǥ#dmFv '@u]ҩmZ*:QQ$6*+ ,0iؘ`I&Q*ؚ4}i{j%fԚ̎=ywT> 2g[%*ƚOL:FKѷ1qT@Biv~I;LTQ !@}σdOMH@[Cԏ~OIz=눏0VL|zz/SSכ'oM`~z%ӃqGZg%[)d9S9shFN{D`hQlnB˯eC{rߋ?)o(>S~Ԯ7kD*n,ī+W=R5v_:,Kj%w:UeU~Y#F UC¾ ҅{Īph(JN,Q0ɒS|J@N\N:PCf vV4EX CqkPTC61###Y&;ekDV}A=:Wb`xBA/,a܅@\_x[^cDb!\IEFϕ~ZP -̦h|rWBТ0!u(o6τ4{&;Qw ll 7l1Y +.K&\M9Jp MˬąFpuHS)!Eeh$t# QgG8ku|?=Zkȩ )8GsUb: 02@P @P #bd3FPFr 0& j{rZ puO6-p*RPj\E 0 _ hu{̌=k (ٚȱrO,$$lSKr۽OY# :;[\oK7rr]HK[NˣO01/Dz^7&QP͏" b0ό2{{v[Z`u>a$GyѶn9Ρp,MI"$]j$LHf 覠B;a,AD iM V}/ݕN]GEwvdNg;~]`Ԃ>]\߾L/w=DϏ~4s]h$Pi,NӁD0I ~!@Gf~M~_;jvwLc`Ge"o`^v%Baq#!i.X;i"Z0 q"EG6Ǘeu1*B X) sjV%sQx=I0ly Ee`([M!JQ3;sl3l3q(8}g s/s$sQ0+v%R ;ԋZaQɃjEI2 G-8T68hHbF:TsLau,([Eh[h;vmR62pIC9Ud)Ԥ,R$EƑRzYjT4IMNRċ*m誊jV-KʪE:j5mmL j}GnM΍,^B1hzLi7#sFnAm4F/>;# >*=z kF92uܬ.Qd}@YD+_DE R4,yMP&, XV Qj~3?j83=Ϸ^w^~r>w-S(P,A \) miBl J붊-V.mTԘ{\)Tj)i#HRUMـV3Vw}'{I021UGu{/܈~QG4)#`4MA@u&hק#2H㯲隩AupC0ڤlU^<8wZq'2P "* ;a;D4u}o9E񠁣SLj Ax?wS54 '`0W/'#]-2QR#qb_!(Uk>&+|Zd;W9Bf&A= oQXkR Ow8C]U `jL0BCNiO\mk`;an{? n!%؎G_Dh :Oζ(W@.<ȝy cp8P'684Rx'> jP~Fþw܄Ǿ["Fٌ] W2 =i uEUB pIQ5|:%sIDcmdc0'c{DSV7̨ҍN-v4wMhTKl1LJ肳ʆ-+ ]C_ $.7Q|.J%;;:ı$VǝDn>]WL׀nuCw w#P,;Mf) A6!=Eݿy"7BЂ|DZQ?A*D&vA*yo@*+ɵ701Ȍ!n}]O8ڼ\*|Xv45:,َ!u'6 wN FLD RK4DB4$jeMΞ_Z6Ze#Դlv~LkD%GN[=D'1Nd'R.3irc(O)D]F gHץ%r4 H0b1֢/hPhL8zt#2O u&h X[MHB5ImA%cF+c72[ݹC5W|'*>%G,¿?bK$曰諛N+m3Ծaتhe< *\bPT0lpY^v9?kw_ux">-n+԰&Pܦ̴<؁w۬`~:ZGP=|/fƔ: )KRe*ķ];md]׬a A7bQZ7ZV:c* bL1 [XLlB|vZU$<Lz TňNg @D!JX0D`p.$T9w4 Sǜ$ n"--nڰ)ݰ$㐍%<ӊXag#(_ 0쮤G#/Cn-cM5s"Up^9x91bL|>hAHec˫BdIINHrAaz`#ڜ4h+Unp nf j|Gf2h GT/ʹ3mh{\ )=YӰly%O?Gi]xD:^HIhꍓurp9ׇIQ956 OLoۆUhT^v-GdIURmb}.c.ONmf8>U),UY*KPVV Lki7JRXrڜ{ ̔}EyP8ov7U %Sw~܃ޣk' _x1G(grp,ZB[֩E$lz%ؿblxD&Ƙ4@-HT'*h7ðD7$ UDj,ud$?|W{lϏ>?>{ϗ14jQ⅊6X!-} ? 2ī@`h֍4 Ӡ҄V eڦ-~_մ?||~ X>{GI*p8?Vwn/gz ^skT/W=DI,๋BVdUz)IFW%9G5S~}h*mkQ/nJ%o_J)TSi,-h1M(ui:h0#bF#b@O~E[F@)D A!!3(Yት_Q3V^: b|jqdq1 R ѐ*%(:$Y1G4oNjq'q5`'1@Pţьjđ!YOBnGO>YO_ʣoz/ݙ[V7>-̖c= kjX=:/Ћ:Ry3RK&EJ UjƲXa}dq UI[V,l|S9%0?9˙) ^v'<&̌en2SWQwJzX'=I;`4 x+$(Ye)<(lTM(KR @:N ui^N-чhHSh~3j,^_^tUJ8)$P8Y/^/ZyAAHDՑ: O\$"pbʕa4eєAӌh3NJV<a:qof6ضae83b68t9JxsP  w-[Tσ9`4##4Aj4y\1QeIFz 楾<:߿zpWi-nohhQUM0kwL}n!֞ 7xBy*i:}Q^]XXkO'a6CAg^Nj!gwH;λ \,+ 38SL6687G;]+ݏ3+S+x[ u;#sBwkr.6%9)TW{ڕRpc6KA$@ppS,]|x8Fkk=ZmcUd$rjETNx\"e&mNn,Q8t?i h{Tsa?F_, DV2X@ 4 rY@2W)Ғզ5%313/@Giʀ@k¤Eɠjt樔ih}(Wmdz=G15B0eS׺ֹdj8Eo+mޖ%d5::;9H{ۄ}9N=ˁFW_BhIY3SjS9C.Y@ݜ3f# v; Қ A23 d-V_]#>i>±%R8,&o^ ۖrALm<{|}>?Ήؾı=H/yВj$4 R%1R JKi'*V4uHi&"U2U=4MY~ק<ڱv'Wzց ]<qi,M08iOiZAl$TK'B*/:*Dswuz}=ONz]}O\4jjSᐎbջ %C@,Dd=xHF |.;-bf?_.] ^7u!Ȫ}ں'ˠWTбn?g(E, %R eNL蠳p(@ڎN'!,c^ l"F.auPh%PW_|8͟d&J]H?xMkw>)WClpoem w Z=JD$G-Ւ(%'9BP'!+3@N4np 7DZ3N<H{7> :su_YX_ aG v)սz3.ަC"is|Kْࡲ ɋk7(Nedz*UQ՞*FTw8HZBUL 7fzfե[UrOw:j=e]ԧJ-颋}ϐgϓSS9! )J!ۅ!p2t5qט{,7>024i9븻qwX ̒|׆ξ+0DLmʸPNlaJZ9n9{6'}S*QU \qw3XLgu-rX^kv r_|az`#fT9a V1$ h6bf"=hE[3fh58)VDN=NTȗNQ6Q]Z!e"JnQ YH^ΞL]d ZTgikKn8 9]N&q-΄Ԉ7&Ƙ'La AgFs}n_X ӆ8|E 7nidoVڅs@k@F0tkn3Gr.ʁvl]кL)c 4d1栿>֟ f?@h,?˶ֿiף~= FeFf\FEn~Io7~uxcsznCs:6=Bu!l?kw$@:Eyd\2Q]^gd乌=8_ q0 3|ߒ`[DRn<^R~D=_S&<{(' S*Cb8-5tq d9ixmA/aoy}:$V pA 1)kɯpGs'oro;-"rSQ5(Gk(:_$=1TY&@dYLzfs^z6xEhO#Wnqң)hrE4K+#Q@q11b&K#Rbi E8{ @ABn-Շ/C`W}I׋)mwcqⳝŏQ޿uot zɵ?FȫˈI: D2 2#LY˘@ B `W҆r쾈KD"r"MG]ȗ\g#q<ng@4 T*1X*8@G`DQ/1(EA0'D^< }KpxBAX'mjtK ~SsTKK\aW+yѠ:x ?4N7BT"B b,) ^k}vg]qUâ=)qoGCr;#r/q4FĹ(҉5qJD<)Z;.kOF1w}zVYms8<ҼE Hn6mZWy[ͩmJ ΃ԢianRstaEO%=9uW?DJ8#MH\FnKDL V"MKw$A:-k<" SȦ+$+!Et&VK=ؾ\^ea|BfB*>₰< =-5kp sV?/ f9d~UXN3꙯zoV=UϬ̔9M漆+W?Fp;vp ]V0*X$ t {y(Ү;W[m?}/zgwk֘??ԃysrvGL&INJ,`In=*?L&g"% TI6!E,cߌ*H(_(܂P ӗ+2-|dc 5BpKq5ju=Vi4H*P~#OiWșȥsQ(YCS3Ka^" C_n &\-pS`OK{HpcaIli/z9ՍM[DɀC$c ޛLeHkAS"ӒK>GV k5>]hj "1 ֮ȎpOl(VL{­{4/Sg3ExRCvG(ĝ lة/?t5:^7ݓyoΐ^B8BȲO%&yFE"u__Ҵ.Y=rir{wَ}%M.iӬMv6[H)%@*e jR;H46 BU| ]RieTjQAWѸbsP|b!D-Gpxp984|biPǟWBd&l9|Vc& R R@|"*my[ * :mP:>G`[A3U(ҳH?@+K l^5c6ziOVʍ/?~w[;O25Dn {_ɝ;Iv[sxw`eJO#kNr9sG ENCj$xxlx^;> 칶6KWe !pCfrTZ|"Mt :Vc#,2^@6ƃza2KɁy LB;,( 5aileAz7<"%t;&rpQTry*˼BS M)4("iZiu}Zm :UܗNmզݎt,ܖ)A+[RyYRdT,,L̖J+JDRy&Zr:ILɈ4ՓceDf,O-Q`,VɲU% XbiF72jz6^IW4{)M@қi{z h(Y֠DKE.ic/@ł"ή3 },(^&J41EkrNBvX$c$=6yA.kC/M*o(ؕ՝N4%d4C&~|2; ̨Kl{[#ϴ6c^7[Wɺ} Bk9)]nn\]nS!xM e ;// /8Q'*^|oAQ^min!:Lpk::`lXb8pk7eMwpzrQ7僛Eػ)pf->(H|\mQȈ>V vu{#m*Y2Vf71k pK#uz9 oߝx 'T /8}^"2j}y\Yb5o nC̲@a$WWȬB)r9zg HoeSAyajR tJ/`}m;AG|:u25:JUFkۗ @hCzJ*5wcer2O}}|s&VwhS=XM6޶9Bflsss6ܼU eZŚXVˬzwׅ yzk/ˁS)iY^V/# ]un.~~ 6yrU%Z/]Y6%i1--HIriNG ޕ>kk?ҟ¸ê:Ɏ\,!,<*w6o?8!s>/(kolA&O}S 7ɯ" XD?Ϻ"<:DȎ# &tC14G#7$l!,M{yIR"m{AEsw7]um[WDZEʖH(۴ئnMՉDR⦑cPf : $t5!={8K;X6bڤ Vls.%F^{wnOAه"*kȊyU$pL@m=grr朋9ʱmr7_~F  y(~ƳGsfpiv&M<3sś f˷]`cWp7lliуYg֡Yy!mЯ$F F2uSWS}tMÞŜ6iOg GyUi?:y($Sߪ|S=|gn(2,wrGjΫ?>< ilnNϯ%^:A^6yΛ  )B@F:, }] eI~?5axBBhIhl# yoPO:T$S*EuE]SԷ8>bٙDE )r^d\D0<#>T(qX?[3"ǟUDmniR}B Aƒ*[,{Vh5_YP J͏VK[!M-Kgl >AEImp}(:{VMK,]gGG}5 Pn?yAS??ʏ9J[8ݰ& 'ip4\ `fό9yXZ- Vw= u!޳|v ٽȟ;Ӎ%>X\шi-#Yy겥 ЫJ  ~M[M *r k<*k +Z5ۛes:"(C?9#wP0?ڳٵ担n561-d%:~jݬoY.:~𲾲ܴBz#MߤHjD b@QȞw 1t9z338T\dx|ƲCbq&NN/0g.VC;4%몜-,'۩ˁ)X8;tX  d&EE:{II#$* B@@x (:nS¸J@\abts:Q1#. JA6lF 670(H3+ ##+1bI>5}2ȳx~ 8!jƹY(R@/E RJP($1}P=0L0ɧf{57̴L)C5j &\4W5stEMjkmbtňK #O F{<3i+.V (OӒuo -IX  ޴"DLMƊfpƖ6!uXTMr}RLry/i"C 9(qp/![cZ8f$p BFW>%տ)5*W/漘K3;=ܰ:X-ӿ8\G0n`L9?8(S'SQ"E1 jpl _)*$݊s |&G(go@ָ% %aJcBn8Y'!9"­q[\sqE -8sj0{Br#[BNWmTm/x?v=;uv&#>a8';XDŽ w廑}P "wDאOkL5A5qrd7 { |-[y%%論jB#͏}2zjBC|]tjxȜRS.W?1 evʅwǶQq;gcٽlN45 TiiMC@MIŠeS"1uEM XSY6"TBcGU*4yMfyt>}gm]֙';ۙcf-co_W715.kaj+`8)4&&bĜ׈j1vL]A| GLpa Qa DpII.wvaAxL]֓T'03). nD#Zx$Yଜ'hP(j eD<%S}ƴFaluBVmxz(ϻ?z2{{ aT2[?se(C1j-9U^ 5ť`e@9zkq}yд-NtDS}A?u 37 Dmhp[P-t j6 f{lEC쪾! KE@r٠& FCcTckH`Z5:4O<}6 *e-G"eР/nvgf(_\toUdP?Y˯M[ej&,Lt˲%Rp VAaę$MD !poDKbvWTF뢟 vdy`\ vYH& D3(UAEb5Rb_kȎ>Rue~OaW)&IeB4kĿ(p|5[?W͂Vܗٗ ,٭a CycLJ#|[*e=DR ƮLhcf.Ї!%J2z6q ht~(9Ѽ}l?"M5̣hwk΅{ӽYʅa4dDZ=lA& nV!a%!^tERur%vUDƧ"ocum쪍F+LF`}|zhZ2}~_\R|כ@Vr+!SCRQ_W]#U0bjӧ KND#$* GƤ9Va@pmCW*,DW{ OMhL y`D(C$5%tAB(TLTԸ!^o|OXvUŃ)n*BM@.C>A=Ƴݱ;< OI-J6є&@B\inm,yaIv#r6"xqpF tSWϭCwۿtkQ1Znyټ/ι)Y58efe }9wyt) ˀkˋQ%Th$$F>nV8?z ^ww=nΔB6Wd4&˴,b -4 (5KN%AGE SĒ. if7~M3vv)Th%#^᧎ijEI1DFҭv:|55[;s1ٓ(iZA**##s:]G*HJtBU OO`(S7HVoR0@Qqi͉g>D8q~gy4 9^Rkh7ZmBUA6|wI8X?:w]G]_9wAAC±б\x#Pd%|th"}n7J/0Hu\^ՄUCzy$|Jbs$ZvZgg9W|p0>ffttZNL'N{h8_N[GG-wMs(m_.n#i!8[I"%8dgX jxr.a&n̅Taے\mi"'iNO#:86)D6?x6u"WTz{;E\T*TŮ LU6M"vb8z?lWklW;3ycxڲIh)!@BHƖ }E!Qص8U"%H0EBwש+=s}_}w׎}X#MOn߷M?~vo#[:t4w`'HX}πv 3S5 jXF R{b2˴+S"A7Q“ Q@E#G}HȠ0bvÖA?YDPM}؏DEI(bGhOn^G~jМx>t}Z 9 K- ¢vUc:`;B}h㩦ΈgYJI  vKb+xLQ5/"MT?j *d[:hV45X#> vhB`k+:&\ZA@ Ug[AS?^ `ˉTSn˪v^ΝmNQ5vKJܵG]CFym&y]fLOwUqFЃ۲7rjkfh B>4V3%UKҰi@3-{ 6t[N*j MJ CГ1ђ B* 6NP@RK*8d3=3vx^׷O +&{w#7?%SCI17V#7Й[ud'^ M 2 x0xzlVe؀6V(c}|4N7*DD)#9$cˋ2VV_S*jawrʠG;ϰ?^ѧ:żSio+ 7\U)\z–VL84Ԋ݊\+"t`Ѹ}:~(}o w7Rn#+ѴF81 Y\jj7EY5-b`ad h*"Q \f?q~$ @,=ɪǴy3z#RK֭hBPa.͢3B'jt"q&"dIaUuR/5o*`^5IW-kBN멖:/)S]DT؆"/q7W8#Qu*D6zB2b$"&FFl%$dT ,۲Ezvc$0ك =\r}];qiTӻ>o/ ,lx R.ʦŰ8K*/Z 9f& WrOX[M93X;ISR|$n>;ETd9[O/RI]z.,D:W/H%d`mFKGأpQy7LOTr=='|Vy弅y7kgG{P~NBC9L+i2ٜ9zyy|Y*e/Y'V 'O*O „2N& QJbK:.}ɡ dӂ˦ -NG2j:dy1̻Nu@iwc61 D93qf.VԨS>̣UH4ZA L d2x b0TG2&/k(rOus"\ΪzK}2~ՈHM'ȇzy$0 ոjVX .'2~ A !:g0.jqpk.A`CԼ_ZsmLX;aHh AFTuHol,VCo)mPx1TJ1N,D@j%DCUbL.AIH%6]Q\Wwfֻ3Zz^>\;wK2園w!J,f:N3jIpYQ q3,;y%A9H.6s |^'+vՓ5**J\pnJTѽJ^rd ic1*61MRq:, 53^}QB+<G-%uݟO8SvV o"#,c8Dœ$+XXҰF*Ɛ T\%ӨKשjt񤱰 - cdV5V-HMDHم =!gLc@#xͱ|4 x~^od= A#f5ٽI#hrCLqJvEu?'E*!y+$dZPwX^wJ"`)ьh]"Iw/hoXLt&ÜLhޖ[!ě<jyMIMZ-*(-%oadͪo >3 Mv)&kL1Ӗ oI+?![(G_튢"M& 1)K h̭߾;c󻶘n lOPbߍn{~-C #G^ À@;3t<T17HR~m>Osd*R+dujt'P1H!#`mW&.eq[]-&!|[Ud"(쓩׋WB\1uR_ޓ{ZҖ 7dJ4^)?pkXui k 6F?z+#+#Ӯ3̛ܛmghpV⊼O`2a { ʀ@ib+?I!&13,U5}GNphnd4;`;b3TF+GU1J}p12XL4ІP}pihᄼ/dn-_?Ox2)nkqjW}8a']~ןFߒn5T}"WŨ&%prcNyY7b=O}2=%E\w<vo1ؽ~|{]Lb)<38T̫0# יۢseW0*H v;8(GӶA'E_<.RbP} iwȭ ׄ=rUt8p7#bf|4nGPyrf؁&X'^!1:+C,+7o'xպSUO]A4Ee+ - .I'|!,=ۄ\K s?]16ѨE}at ٰ<8EFqg9%g&?^&q/&&h~.u7CLFK?CGk͏t+nkO?eZ;Ȕh(:iq0y (C\E+QFC&onEz>L*RP}^?:S.ٝgTr FtBT;: YC_ Y.Og}\XJ0A`N nQIД߷GƛXxk=w!3Jz`Wt/k3'wH^^!wS4C55=K!Li*k!WxVAEPQq.Y ;y6u^s'88qĉ'1 cxdЭm%])*ڪvb+4i 4*-]i*Mh:4BI;!ZϾKI_ι|swEj~b;ΩJkRj/R' o,巧2oܒcN ckSQ> `b1%Qg`ך}SlzKغ"UWZJ9U"T-j~D Sfw6U[1U.T'7R>Z7j|v=7efwчc cW9>L)잜ڡP$9{3v5fN=C=7b7 +{$R2=1{ģֹ^z[ͳ+͖ؼR븲 et%.Mn\KkjI6噚#ӽB6v #N3~4X1g\ٚ_e@r:)rartR$$`zidĩa[B)^QsSRePCWwg$Rnu%Ņx6"IţM?/ue(Zm6o[5,W@/gRiy[%&c+ywhu?\w7\iJ`C~}g7kkovmNo򚥯LKl z"-#d7;8 U:2.0=T^NHXglzVتJmtr0-0˷C w[9,F27˂o<)Y | ˨9aIךYǤ1\Oz1asU6sC]ڐ=hD+mVh0|/:N9d Ƣpl>jhi,թ)d *ol)*inij(@cII-Ea,wC PY<+]2nKWڽ6&'Tɛt-\4W;}ڰflӶ-GjK3oI߸c[ ӧv@ayòkɒ}.瓊M~yw%yM̓ޙ7R*5Gފ\)k?TxЮ+pIYj/ 򛻝+Ò%\V¢4GkV/UJ9Z*s"'vM!:?sT-W6Meeex'/7 evJdl3o(Fci/Ʈ(\Ahj½߲$?򝽛wLy3CBZo{\f75YI,:"?CTU[4YcY9A ڗՀl?Vay 7|6ɪ#W>tb~J{Wg؋k܏q1ns>Pd8B2 T{M}]>غrW@̘۠w76B`6nE e!+y,֬S.Ke:[C%b{M_>/V<JTՁ^ɓ4O߂՗B2@B* Ua} hDM)oR܌T" l|ZJ.5r@O12X_ le`W o#>wi(^Gnp)ax|~G*80 ѐA@`9׀*u0;e07 Ipq7|̯mchdX/|l3bh,o>S9ҫ6wdn:>K%%P'OP's6kM r,H&%H1Hd$%6ٲԶi)|9T*N8*M;wwcRoΞss.gds61w,zM k'!o쎸%R1iXP^qY޽*0~^M8^+fb s%%˱8S`P/S|:9fPjZ W ZUrwp7uELH]%ytӵi'Z'X{ޕA &ߨ=uC91fHgH#nYZ:0炶޾4}gMdx,UogG't羴%~$ɔ9I dWfq)ߓoػNj }șP)cbeuEe"az`l55k^ckjc+:GǑLt |l}'bz:.BU } ;d,.۰ץ+{rUAFsZx?|Z{*^^ur .xJLX)pJaҞ˸E!l.gӍWNJ7~o|7 f.iۋ>{phG"h{Tk{MfFF*(CTO{WF*~o;?o(ujg/[u 4뇈}KoW0b>Lj %?W4 )ENA~1lLGXZȷQ֜ObY`j2F9MȩMiN^k$6(ymUHBMcvc"6ϙ5Զְ*ȃ9ȋaN ckNNzGs'ȩCfEh=h.(Oѩy<>R( ^֥-v܎Ѻz. (-G^XdKv3ﮣqm~[㣱`=ھ(C^{vrC[Mp5/G4}ig&>K ,Ԅ{wO>k%\gwiH خ&jc J?K=Nc]└8|YhL,H:[ /I|GKnA ]mޓAJeU䁡+g!.va|-c{rd_&/eD[69F0ww@Y=u(YKJX-QEM)O;흡6;NA2yUsboLYhM15ZďɥOI_s&5UX̵^E 2sHsԧƷˤ.&k֜}$=qԖp-B6㔰g%e=cct,ȽpK,m [ڨ5*d ryYnRcU΍ږRԘu} >gi R{ދS;?kE٬Oqwe` 0383o> bOb{ΓJw/'+[G3ýOwV򟟄ڏRǮ\>+Ʌb=$v lqb9$=\Vb{R0E6, sgچNC0lH~?.t֞۰qϬcw\D`#Zs^z!qEӻ-%yg@08o}z瀻7=?&\{ ƾ`M36uODv뙵zd>}vN"Nь{ φxd>L N_ D%y_ rɒ%'|错+二\5CNc =~J\;&|{/?X!^A@Z d0:qS󮉳r9 TmW_Q|q%7 Hl,Œ_)=_#?EMoI:ySgiwrS2m͖ۥv|浃Z,osŠ9@އ\w%ޙ<Þb칃 S'$F6Z I2&kj`/l]u\$#Zo>5XspF줩YնfΑC][x 먔B{5c$3)zJF؏J&QQ^_QUw=W2(PE ! bB@dcci)cmRBWIDѩtx98tS֊Jns&XiGO2=s~,i=-iJ=oo]^G4M=Y᎕;y:ڰ&?Έ{@5iߑD|%X JU=׹U5[_?F"zT Rcu*-/۱ͺ߿+VvhqGrcғ]XsUzVԨneRI^<EWwd;ԯJs|6Y_oݠ[Yt:Vwb$-bA$V}[Om-۬c0${}3x1|vC/5n /nL}d\ qҸ |(1h}t3\Z3KM5}|ϏMz 5m{\pMU DsN~ ca4],JOgn ?i(:o}>k7+^g9 oFNk,KOPfJ ?`>EիyM"IޏyԠʛ籹"C378=]-7)g<O6(bXr^ î+&}h)݁q'Yx,;/Þ2" 5V7SwL!jC4ȳ\C?C@ZGHφ}mt (K!1Sx(x 99a:PcmH$ƴޣfL- =).X8?48?e5RsS=.m/-U}OxɸWߧhJ7P3c>ĺð./|Z4J9j۱Б=fk[ ҏA'J퇻QI֘i<=Gc4"G&[JEYE`H=4jw?un_h(/zWNd ˔?gi­}^KOy4}>k2 ,J+?5AZ'Hە&w 헱O X;gi`4š}쒾ffs,5\zl=^} 6&-*}鬦>|o;K틇L]cl l <7{8NYrea`m|cng4 [}6{a?@:^1X(Ag4:'Q~W4Oh^Zv20 z|dQ/KCA(WQ rRMt'Qm,dh鱻_鴇-K-:-P>]m+tڋtNc>9O~ R:ېʧͦjZCdrHoKejB ~Cr* ÆѺhղO9Va$?jTg UR"To?>6?;R^SψTVD*K#h*^UpU&\[4wN᪜yEfrYG_KEʢ2y%eh.͡BJjZVh>-D|9rc|]v"-eZ(QMe^(4P Eq1++89QiF ㊆% \lH k.4dfU1mLb@W%.4Bj~CGR^ ^A)qlĀRJψhc| &{ >6ŧƂ.As'w,'<2Jc"nd'P>7ȳ_m:876i!\7v w:a#;Cu>(a% U44u-]I.Q"u~`ڿ iʯh٘Zuc9vH{ ;h]ҷGOJ,+te̍'y09,9FS;&*b&L*DY,~+7 W=EOgqxeP/ÿW0{x-OžuǬΰW:h~iΎ`uv$&2,ZQR7pYΣj 7l|H ,lȬmT=七ʤ4&-VKSVd ؒh0+i;G9ial15VZxlڷ7CݶӮYZvvY ۲mvfٚloMfmi۴]wNs5tW˪l4ߵ`0 Lqq{Hn/"N-p+P+Znu#FyFKYۣj3fd+ڮ3---z&b+v x5T6'<96/SzkшUVVt0]#9K랳ֺ9Klk(T9TRͮ[]tHdk˛@"-i Q@+0X%"-""Ҁ=r<>#r' ~+7 c_BpϖDxw?+ x OG(`%A|9#`X,젴% Y?*8WLy%%gU5| 9ny/PUI(!6ULVPLB:F]U]NIEhv 2[ ^Q~^W~S[Le9\p q3\Jl++R윊,n֠)674q\SJ (Һbz] ڑ_PT0yTܤ|Ӭ{;^c`rT:< Gp =DV<\lq8֗C³c<R f}Pp|#G) J'AytQٞJ(műjQcpMHjXFn~(`儺`r"M`p[r-Ar^xVHP ҔCcO]у]PHxBc0Ca5ޯƇ~'_};<3ئ wqXrCOIˑdnH@\'jyT})MyS VךEľ6I-~yU硿ڟj[)~k,_[P(W ੆hCtTR5A)Axچc2G6e"6ߛ0vK ?vdKG{Rni҈6Mi3ڒffSW HH`20 ,l>stream H\͊@FyZv/ԽU6`b .懱bR:1 1.|9bɭ·mvm3U0cCtס NMj|]>2=vri_8˺5 ud^~W}7C;ĬVioe<cozߌi[L6sfP-ZvVQhccxdjwA9 BLimH$B mLYm!VVɘ2 O֐l3lیc/PфЄ KBҋҋH1bS,~O)F#b y>*T<~O)~?y?S<~/3g~@bф{V$_ xt"9R]a:Bck>;Fӆw=(D endstream endobj 75 0 obj <> endobj 76 0 obj <> endobj 77 0 obj <> endobj 78 0 obj <>stream HyEa+q endstream endobj 79 0 obj <>stream H\V T}?32 "WDRqheT(jJU(n1ѤF4 *Rj4*XK[K4jj{7~>@ G%ryg_N;ۡ]`̡ Wey.sz~U6 `4+3d5 9+K6X淐uhV켦ȺN9Cs-{ޛ˵U5L6l{ ONmp~Y,sLoxؒXZSl4cIa-fd24%xe$Ϝ11WP5ǃx.Z!s8eUзdޭrb,'Zv ]? !#QxLWCBgģA  } spSWXbt&JbPi *?V 8<{dM.pܤA9""{ ;M.)EUppDa.#=z\4@0.>yp(:Q!E1QbY`T.0Sh7Pg={\* Nۆ}_$&ԎRh=2fѵ }|7u~Ƃu,0Pr*d1WUiupIKEʉNC2pcos  UNq=X (jdmn'D941-̦"*rzy_2jJެkB%‘.#Le6J9\K6ԇަ%VZ*#/|]/W6Ȉ6"e+mĻ@vOM0][ć؏9%.m(QGi!-TI39WjZj%9,뮨㍟N52y"ER#8%'l~j%ԂB#EJSiy( S*pK+y j@mR{E3oF 3Nj%SXKuuuڈӵ} }-|}}֩z~Ko.]++U w "U*gcYeXE{'q ܕ>jħ—XH)ri^Kim"/ :C UM9f8]#xOtwx=oy?ⓒ|oOLU$W V_M]Rz!1$G!3"I46?9fd[J-{,g-wk'k5uUKbT+C:RqK9m<O8ʈ'0SyFx9^g%1 ͜(cc̋F bʒ~s^3Llt%}= dJ0Y|ߨQфT~O*D"l>'wlPK%!hc)=\{W |'}oH0nJߏ@0= _B*7,F&8Pތt5 ^?>ڠҙ.mNNow]q%#J7:,inay4;^:+ \ϮDD>L8E up:G%hւ<$v0XjqƔas<ǸT1d?\X)5uڱB'qj$Ukbh%%]8&25^n/cnwWkz4j+RI080nV/^Ї@h8wd i=Yԛ??HL.[,;eey䳃EzW.#cm2\k{WmcKܶv2RM G|T#bHܵ,D ZF h0(1LrF_VfK0~\J^ RX%]iG9Q=h/28 {>.;" lwF&&X}t|-",B%+ZYbe b ULBU(/.0ꋓQt[ Og3 ȡ WkI!ѪҨcЪI~k`2%(u\&K>hLYzocwxӄ>1&u],ס:n,Iڌ06)eȂ XfŨkhٜpFI$Mg3U^ W\-hxvfwQk.Ӹy ߖO''̂cљ=a`m$3JͶGLp3 I@)7n첨հgo ՜[*U`YTk̶ o* ?9ڒgը|SUTTdOkߖqgૻbc 88}o~r7 [F_lnn:ӳo~t_0B͏vhrzxd.};ޔy^;KjKmGr{D{o@cJ_C ^h1ՙ2Ft0Ig)cv !- %m )|hJ&`6XaH%M^Iu1~|\i\}ܗ~ӮT )R_A&]/dF&LF0V؍0pse.q;O *0s0RWSwS?D, -_0{r1HE.zم%{_L+vKZUFij}BcG?vWzȁ݃GG~f.h=tӟOT޼ɧ8glWSJA3ía% `!Bpjq2HlZ ی*°zR-z\ YԉF A>ى#1ÐR@;PҎ/`gWV;{/ qXe/񛪺~^etM;VEwֹOm{t}rFd~XrQq >h' E_l`p *jQIH;ɞGɯY30 {^jC/ 9̆Ùnr#"g47R}a6paUk==_,B(cEEp< X}tԿ2`Seiik#7{{ oڬ ĕ ^^9Gm˻7₞p&qqg :D'p·5c& f(1wʺfwU, [1Qomx66ΦZci8T[Ӥ/;|:3d6!_jN:MF.`}E<9ux&޳@bYJVy-$5VYc5/T|W@Zo05=:SM%D@== ]ŀ'$TAƨP8~<6=CٓdEԹyUkԉ??atnrPZVI L 5sxͼI4)(1|ֈjU~"blI2WHsbH\#nAT۩%RR]^SY*~Ll~-\f"MF:Ó5X"r*Oƴ@c:y^Y0(لjH'H[96s"ˊD#pڒȢk08j! aDXF>71鬸U!=ƚP &a p+IitcڅTԆ ̾h(`3|żRToxCɻ3AW.&LtWH?|[ztgvY3Eg,HQ@nA*+ tC!RnL ![\Vv_s OmtN՟KkO%j6Yo,2MT{o0NL$gzo%;tp4^$n Lm;t7v;]8ԃ\/VjYc[gKVL?>t*[i&biO94tKhְ3Ae|Ec)Bhs^o"EAH8c:T")iޝ'Fj^]]*vEOR-) '_8ykWTQ:.y5 bIz?ƍUIl w Q ~)G"pIY a&Xԗ3 X*RCa,1 ֝IY u܇MDe\ݵafO‚0;CEZtAr;јP+GG jTqm;c*7)[hT(Q>@^d}w/?-=.=>`;1{_G䭥gxF7j/0emhgл?C]t\;NW ܁dw;9HyIrn##(z"@k )e'Ci̜p:Yx3/ZR醆T>e)w/ȇJ h: x$!SNMo&e67k';|t}KK\ rC%d0 :S-3YۮC'X%4H}c(g_qT(@z}<"@ xxC@QԼ24;9U7w.؏S +L 0D w$6Dm18ޜ{uܓ|v^~cf( wqlqiާ?\[b&&tkDi >*?5=.恢T4'󰪴;!>5#oЋá륒8ǹº%$%\0ڳ>('h4pقIҰϑ<VpXGB>}ef-[lq1µ *e=>pVC)­ /-[T!cHO`xѳJA ۣ]t]$S_|vqm{/?FRqpuIk\, LƱ/n0? L2dAZ%@r@=8e#f-cDS` AHQ!ad<\ 4Ŀ0™.dJ/Jt~Nmc^RNbSՊ 齣<_Wᛀla C8ael58َMUf Kp,!O@hqOQ܂uj=Vj=UVX5eM=`}z"p|砸>Ǚf{nlV7vZP Gd%pDW^\+=Lak1[]_Ɵv&")?jר3[&lZblZ->*UQ{==~,6>ɚ@vQAPwqaIek{.O%&kH6J;$Fd. 1ܗ/ ODBΖ0+ZMo Od;Os^;+ݱ~{^#xA:Tl l^A]4 }p׷/vIUm^?(?J7ن}hPyM&]oθm}~ǰt #鶿#Hsrn<={>g^xyԯٳ3-1vCİҺ TJ€ ] EP}B?WT.Q(+2*7|؜j8O.vt &4v)V; ϋ91!ExUE7X UvL#btbtb DlG*Myx3mqϊs9EAȆ*!x ^;%pA,W~%0?a, B`j3{~w\$I;!fFW^\bɁoxp%ֳ"Fuc蓍",K7p SJEqb< QsDaY:lS&/sPa:ͯ VhרԩCӑHnɿ߉N'NI$I)SRT[3c:F^]}#r[ ΐ3c[nJ*aR9ڜXMSU"w+j$<D&o~6+Eo jI>S޸u+bugmU|K/v3jRt&vƟN\:'>E:q Ghh "^ailza5_Q^mQ\gggֳ;{z/ ׎\  `lja $($D iR71VPڧTmy!%b/=gHV3_S:679LOlXٌSI[ ⇻N,W4%NSApW;~$kIީ0g&F,((f‡!E ı<Śo)ސTՎٕ%${2ɐˍk8>ɠN6𰭖<51uu&@$HSr+~dbŁA_q hjC i a5ԁ.W}(:/9LWO:~k^ j徚%f݂`}}T}EB"}hPLp;0>w`GZuI|DWgYҍꔃm@AB(t+J4G 3eR.ѩRAPJ xAP0I)LcIDJE0*jVP3e#aN ASHN ""7DNJPj~Q'$JHM.2M1,ܙ:>_'>&<&[T`fg Nũ"L~+7beᠥΗoq̅E%+[Xvz6Zl}x>6:xP{N]m_qԖHreծj]\WZn[*,+mTZܭm6Oz˵ӳW8F\}`r4،g-g&iVUMy:g]_QI/My1jYAlmrTpi͹Ǒzi[H2J$ ?=()kY<]_t6~uϭ ۳nB}SUl;٫۴nW;.7O}Эn6v~ ?1'\asj9wC}GC z g}f^)Qsٺ/|Cߥ+Pbp/(YDX^v $,˺E sC2O8 Y(n4+1D.0BwJuv;DAGfʢ$NOLYseq•Ţ+&:g*QOf72`^xEWլRIN5'i`İli>KV=#-?<~m[:Vjzmu:Ͼw;C{bޘ>wfIJ;AbEAŜ8S7rwp9cAV+g%U.s-6DŖ$2bmPl$s!z =L`l鯡"H}N2ӽpVκit!&DI @r( c3~q'Ya1dy'~?ɞ_kCW7Nr+c Fg_J$UJu4zÈln3/cx.SZ-6kvۺK:DOX 1k.ѐ[i촽<`ۗ8jq?~>K>N'ϤK Qn 96KŖU^/H|\|nOR_&CDڠwGm^a^HZwV*Jkbl)`.tpHp 0))а%&t(t:/-}HCfRvI`:mk\ڦe||sEȫDD\ {*us6e&i)m\MC/ &.DJ]yAb`5r-G By 6VJ\A ZpPS*?{KǞ }>1?$P`abZfQCi-6늛}Zu;~d\6mO[^bR!١:H4z`mll"0}{Wpv+0I%́ZϮY|WOtn *A8A)[k-xʏl#x8q25{;,A- _ :#v:R+jVL*-U5bLK* TDx[P:v1 m} %!8pg긤2^&VwiY(b8B}s}34lЩ9Г+D^,]?g Fx ?V hvyZUh J zBXýo)Z"aہ>d@gO/ږb TrQ-¾fI0&=@,=%yy"ػi*v.pvo{9eyiD>4)i^Y)C14[\kλ}.VՅ/ANt\~T4* @T}\`a0U8- N22Ҟ,iQRԡ>T*o-dSz^RT=[]T].Su*K&NlI8QI J"O#H4߁:!#[IY7rIn.cdȌ LjX*d0E#)&keS,Mo~@7xBJE/d::DdO&E(g8Y78aG4_)}Enޚ$@Yc!93 =_io7phs7CT3=ejh/.ܻ2A:q/EwdaQL{)CMk꺅ߚ{Lvr9ݠ*{f WR4[2~U")I!} r˵Ă$rj, wfZ)_棑㤗XMkZ**K_A#@zܲk5d,6c졖؀K?]C3쌝=c;>}FP8IAh)U̼0`{[&P_?qyf;+Vz>Ƕ5=,x#bC/c+?Ȗ?6JP)v7'+e ƄJlCܖ ͤӴlL 4vq=$"? tkbC0`q}4Ԅ{Op\5p5 -O5 w[ zx N\3 u~PvQ9Йb93/l"R4e @RQEEQ9Dω<IIU 8.ܪeA_bQ&OgLkI|brN칂LkA=T 0 3h7F0 zA7Yo4|{t`>#h =Ԍ͋#鰔Y!Q Od۾PB"?D;gCfTæP:Mdi?0wʸB"(a˿&+|Z+Zk-z-c!ŏ0pP@b6CRB$4PbMI 4?2fJ;@::ˢ4L5=Www|B^4o>[5O~v!io&juSS-TarD3\QF/ٌ: rK10z QSJôHmA@O"R(b50aIqK*\ȥ t]j$pb(I~md{+X"$AjA#:;.QӨ>\(ҔNɻ^EMefwT5+y,z^+'x׋NjF_^cu9,$X6ef|g (2w~Q,7fs\PIH2krй )31l ׈DM Ш=R cCgXw{(s#Cw n-Z82UvÀjd3\xlJ鹈):xI];֕Lzvx#[;WH3ͯ[MmەoY>te=T諿0ɽ,ɽȋaֶzQFֆ$B k0}>ʪy#>؉/;{WoVfۙ+o/[,e|e|Dԕ7D' )%HHnEU\nbl&ͨ܈]Bөf@%")YeKGwM*UGG j$+xpMʐ 0o܇ Sȩ 5ڤu.KҞDSsq!TW԰f9漢" b5f=f>ff74JxM3o8' :Oh(Pi;~دPQ~#Ta Q]?QFCfYeˇ*>l'# %9du>I4cށ Ex0LTኛ8TEXhI9#GvTj)N f6_]薑2.jj!n.9݇F2 SodCWvNͧ9rҙhmLZvMv.J6âK@hci*C# 5t2U+ʑAF"ipQqX\Qĝ쩒RԜr͊$s"RtXTܢ\dz\(sż*9 N2:[O9}; +9 4. < 9!dXliLW@XEZuVNAzؤpkJO*."B<C3&'= [*%VCԄUxWtym ?xl/?2euTKoF=Yݴ y_[68$my1?zt1؆7$%߱{/gZm`𯅇3;ƆԷא][it}ރ^D4,g"&{('u]!ghyȀSP)3ei8" ׋c+oB<,mӝEHjϑo^O~#HTU4LQ{U70<+dV2[WSBvI@f-| Y4gzp/ N_X^,F[p=t4cSU5g~xpMmxq-zrmZA7ﴙ-2'l8dX/W+?}-w>l!˳l+ӅzX::0E .|`\ 줃3čb"]aq5DzLF_풱\࠼&+"2ڰ"ki!d Qygܥ쌦Km?&aWl em:s~)5(]ama mQSwaOjlnH-Y]hC b1ud:x.f?~wFSݥ:6ǰ<94')̣#{XQA11&V_W"5 F pKt嫹o|\866RU c0d¯@EH!ryJ":uffP$r@4L*Z2P(0#(BRߴ$>1c"(c@Z\VOFzb}.{3 :aGרK2/ZczQ05ҫJOc xX6)nM!%i!hpE`EVrqp#l߄j˯&abK?[\X. @T*d# MGl#92Y1T.[K=XwdyVet0Ru {g=O NӅ/@6vG6i#Jv\O# ?m':А} VDA5)̃9QݞT`X䛖\#uy3K<9rayzQ8 \>ŵӪ<(& ;̱\r*~[9͡9a ֌[,./"ZhX;KD\mک鏜gU.:|Y9oϲ=rwI3u`e9˼ESݙF;^ÔLL.,r88< W\k P |4/oq3sN㔝ꦬfѸY\" ]PtVQq{JQj\V76|"aΰEe;=[쎡@ăI$dʁH%, !YV(B$Փdx| #h "r` I!p<%phM`HNI$rAE`Q JIGv8B   &:Z#8!K [uƂk1Xߠq؁O E"\}YdOJn~ 3nɖ"S2=-]\u XR`q-MM֌م!d~$6wCCiLJf#nެ-+}@ 3whF:DԌBmְA DV0o)bil*8t,fڹ=σ`Pz]/."ƐX;Irs[}ỷ%]n蝵.Y@Vw!DxdKϧ&uh-9D/l8}|%9sK/˙^^]|ȕBnaL8ޛ?N Ց \KǮd;$ dC{O6H Z轻VZ깫][eFkƲ1,@1!xJ@ -vahJnyt8٥NRZe3LMJ*۴A0@ս~;90QMf!I5 1x6%P'lϵr6|-]]hHr=y=!>i%2AdJo >XYx5 rx$O:'q9#!k۠ W y+u#T(TjwA;ׇCx%.B@!_*AK<[@ʻEVUK | }IfˡR/(ojZncM?(~?Q7^]1ynu)ׇAJS ai^b觼_xY3qH o<׺ec:\N>fW%&):{⡲<5/[ur}-?N97k!|uN[^[&HɆueذelGy$.{X2I|v6Ztx/XaȱL\ vtU uAO7ZqҙøWb|pFH776 JxѥF P}zԏQ#$4D Ny @,a#Q[$ǍhqCs$kQ9`EG-lE*$J`D(<@"#{K 33"PL?190Yg$*C<ȏ~>gFs/ fcZɓ k2thj "~H{SN$_ @BiEHI\i%0 \!O*XA{I1:,PimxQi dR[ ~}qԖkho4ࣃ6EZc|oÿ."AB[q)ZN[jr M d~2?0L.sx,w9!gx'ģd4OD Ru Y3X E|RNBm%xL2 D%"Eh(ƱޢPup0MI~xwRGIX,mVFhZ~  Լ~dTp^UàbiTM\YiPP~򬃶I,kXs~e_6޽g\EkVm>\5/O(]5A:0"ZpY]¯\b.#$(kNk0CJs0 A1^ pJr|Z-$}&AQzIߧs_ dPbtFR)Aɋ-^@u) @ L {ᑠEwFXJX_8iU}-_ƚ]EKcec8>o㝙prLpLBSBA$m %U J hhӒ4Plh\*B]J+(RDVMhKߛ5jy=Y}1<擧 ?ثT ?޿"G4ʀ?ΦF"TowfϢ ތ' 0#ۇW~nN~ၛqHW/qz..*$2HxdZ.9(Q flh& #NB;)LX`/T yG%[-e+ .?k7?$k$WŎE+0{YTY] n +=l3R3_0*e j5:vr PkS ɍN}Nߠm[_K?dͅ ;ÕX%UK.{&+^~+R~u~c}78=/cߔطV:Cjyjfb41~Vuū^3:KBaS:a! Tz)Ѳo8I_шhΔz_4J DR6nƮ D1'i JB]h㱷 |HK7fȹ'y(ކfYM O$m q;0tBVi "ʪ`ҧ:ث;H$ν痻Yܐܞ2۩ή&mɇ=ʮ/"/)65 + \ZA1"Q!hd"BFav2yMƿlto\uuy H4^HbyZ HN![m۹/ 6g/XNAĤtLAv.J9tT އM9>F% }o CCaDF Ȇ̥(K[WPTa37y_+ѥik ]KR[L<gjW( %|U08*g,}y!WÍQJXD?hD0~DxRx%ro jLC{T+> M(d7zB $@"7hxReU3^azZ3ӔZл!24&V^ D&Ń ]\C*6RZug&GX= X4'?GÌǪ޶W߬ې:x.~Gwx }fr)gHvc|W# ָg=-7Ī}ƧU5"z\tgB Hf#<'o?;UݜS+,Q[(>"^oMz.ܢ0r[Gx7u]ѷ/bŒemlْeɛ,}cM(8lM˒NhJBhJ&$)CڤNS]a@IL3Cdb&C.$0I;޹mzh'SUU/'Kww^.^\2hPՔZTTI2 Qe%5W!y@+yqpEz)"ƲǍ(Be$fDԕ"l qԡҡre9.QS!(줒JR֚+30/>;>Xsy+ҋqK# :TTT)M?s n{*D!aW -%4, ӈ0@հZqcvi,y;\J 9] *؏PNv6G3avFYTy`|-9:_okҕ%YM.H@YDiEc3ۨiztDyy'=,"x =}BF@զ2GݚQ#5exle1 tkz"⠬?I n_ @"w+[Lj3ԍ9}A<w&n  ; {G:] q:j r]eC2Kb˖+2?5&?2GQMn}d/ 3LY&k4;^%M#`UɮcT,ľZSqZ*#A`d37J?'~0E' ͮ6OZO$[|GQ8/"Ap.r%'(B2#*1-BTYOn!3ZWjMmss9?OHohoy3׆Q2 ^GzNKyۓ/Bbda3) e[tth@YW؈7iyiM;sˌ {[-zO`JUvp]١lqd3A 6BV&N^bUzAVIVkOڸB&<ҎuLY b?ǐ˅ub@/b3걸]=5tP ZCN|tYSӬwi, 23nWs}yAk40wt涺jNRyEpV3WE.wCFШh2^,B@`%rl_{%z0bd#Mw8—"Q[ Xhp%vRJ|! {kdm&vF =ks}c(Dŷ[e㧻.KUꫢq`1N[xi1)˽u7K}9>_kcX~J[EwYT:߲Ӹb6T_| yp#t/fbL0Ƿ*n+B 37 =rۨ ф?+Y;/R0z.^sl=+kGQd8嗢S?D5@| 1nyshw-F[e;y ߂m|:[?%Οо ̧VP]f HMZЇPd/q!@ncuR$0f.|τ] } 0wBV},4Hnvf6l/5lnq" ]/> [EׄVp(wL&3?sƻ*n 2˫?Q  v/[Hz'P?cQtG!,a=Y K}# gᛕ=j\^ܧloP`A,ov0}`&܏tuG[h6u:'ˌ{Q< 0n.^oa܇ ~~9a|^,p3Է2%ߌcR)B{}$aez2n1Δdo璝WE)ޟOlgܺ#% 4;Q,'ajyﾷ ȏB]HI]~k!i6ٸ XkG~DR)t թXÌm@j"߽6PEvڝoy{h< Ɩ[hDGԏ]B ΰf<6*k}r.`kSQڮ| pǵ t֮];vE\WPc_VUwR%?kGF 3i1FZ= 4.\nB8~H!Mzg7~o[>k4P֕y(rCZ 5 _ Y.G템296RS'Z64^]]ڇ+L{RT߀]rLxb]ȏX*^O^N34%k*t^sj~y8g!{S%@y9Mn\~N@%K&V}_'k=niCoK|8g6FVy} ߊf3Dwqw}<*缉{Zwr hd[P/}+"QRi(D<2_|Lc!r(jlԒvM%bnλ#&Ơ(*} /R[ٷV--1u_!SDIcS.qHtܛgU~4C7P k'XX쭥c"[װ ѿsJCh=`4WgԿ3{(HI4!N03q\MˮW3cܿeb®m 1zuIfMFIB-a|'}A?xeT3ϰ=ǻנF2 7}6݃1$?CϵDB_Kg$Q_jȣ۰ 4,$9h#DdOh  @SƵhI)ȥiCyܻ5yVr{!sh e%D %CZ 7F PX $@ $@ $_ _^H'R)$/_H¦A/WK ?g$ޛAӃ:!Ȧ˥,sHifAK0g1|Y%Xj̠KN2/ *0&dA,;3 jO < iՃ]T,.+֮;y>X I߫LkeJoxpW@] 11@Q/6&y(cFiu;v,9(^\%/W1]Z2e[ZfM{rn _7Xc*?w'Fз:}Fu(t]hUVf޺ VA-<; ܰ_BShx\eʧyR ,)V9/̛?Z#ɓ(lI#C9ˁƂ>' lZ=A6((gE#&]cbLsfLAw ʢl? jXS_&`I/#y^iRY 8Lg 4ͶG=(OFZm Z6 L]Ԣ%)i(ok JHJX{"NW$[f1: I#wĴ;ıΪ{^d.6xԜ8?Km.QsA7۳}(Cu+{GOG5ߑ,Y!N-tSA\ҧ:z'ΕJS̉d:{ -0ON~u=y}|G=}bt&c(ӞLq:6w_k.:8z6UE{> c]_=X׾pkiRu@~3!2F$0 * h4d>:$`b&FiL0RϽ%F9^.܁xzq' d$dh=eOv鰫OQ# f=,Nd9$)WO!F}m)o-9ء-}Σa+au)$֦j?KSсa7"u| E㫺-]aɡ]wumO }5*$V[Ç/B*,YG*lvSgu 4DqaZ$\;uT 0,Tǖ<+ WPC v(bn~X\nB(n ƨ$xllX-KA2㲛VcaD>_"r6"oDyqDrȤIs˥B|+_ʯz=^)W q?A2㲋6&ףKdG /͖%dQ|Hc y$ * 봃1 )AAK ,fO"yC~8S-e VD K tdvyEc x;dmiI(ъby y[zM/IآK`w`{â!X,&L-|~^%υ8ʃLy@ c!zb>0 <li\1eCmQl4\Ε,<:$P tU2Wh/Y?KS\@  $04S̋ψ#bJ4.q&QrIwHuR$IN! IM׆t1p:t0#`5Ȝ'H*7TI,7{YL㗳8e~(J=5I+%\nYı٘B q7Mb .3Cf >stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (60)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.08 Tw 10 0 0 10 55.2756 599.7209 Tm [(global system needs liquidity \(ef)18.1(fectively )0.5(as the world\222)55.2(s )-0.6(lender)0.5( of last resort or central )]TJ /C2_0 1 Tf 0 Tw 0 -1.5 TD <004500440051004E000C000300500044005C000300450048000300440003004E0048005C00030048004F00480050004800510057000300490052005500030055004800530044004C0055004C0051004A00030057004B00480003004A004F005200450044004F000300BF0051004400510046004C0044004F000300B300510052005100100056005C0056005700480050001100B40003>Tj /TT1 1 Tf 0.008 Tc 0.082 Tw 1.701 -1.5 Td [(Fa)0.5(i)0.5(l)0.5(i)0.5(ng t)0.5(he form)0.5(a)0.5(t)0.5(i)0.6(on of a)0.5(n i)0.5(nt)0.5(e)0.5(rna)0.5(t)0.5(i)0.5(ona)0.5(l)0.5( c)0.5(onse)0.5(nsus on ge)0.5(ne)0.5(ra)0.6(l)0.5( re)0.5(form)0.5(, t)0.5(hi)0.6(s pa)0.5(pe)0.5(r)8( )]TJ 0.023 Tc 0.083 Tw -1.701 -1.5 Td [(suggests that a unilateral lead be taken by the Chinese mainland to adop\ t an SDR)23( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<005600570055004400570048004A005C>65.4<00110003>-1.2<002400560003>-56.6<00440003>-56.2<00500044004D005200550003>-56<005600570044004E0048004B0052004F0047004800550003>-55.7<004C00510003>-56.2<004A004F005200450044004F0003>-55.9<00BF0051004400510046004C0044004F0003>-55.7<0044005100470003>-56.2<005700550044004700480003>-55.9<004C005000450044004F00440051004600480056000F0003>-55.4<0044005100470003>-56.2<0046005800550055004800510057004F005C0003>]TJ /TT1 1 Tf 0.021 Tc 0.082 Tw T* [(facing a potential trade war with the USA, the Chinese mainland can bene\ fit from)21.1( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<004600520051005600570055005800460057004C005900480003>-82.6<00560052004F00580057004C0052005100560003>-82.5<005700520003>-82.5<004E0048005C0003>-82.6<0046004B0044004F004F00480051004A004800560003>-82.6<005700520003>-82.6<004A004F005200450044004F0003>-82.5<0050005200510048005700440055005C0003>-82.5<0044005100470003>-82.5<00BF0051004400510046004C0044004F0003>-82.5<0056005C00560057004800500056001E0003>-82.6<0044005100470003>]TJ /TT1 1 Tf 0.007 Tc 0.083 Tw T* [(as a lar)17.8(ge but still restricted economy)64.7(, it has the capacity to launch the SDR strategy)7( )]TJ 0.018 Tc 0.082 Tw T* [(wi)0.5(t)0.5(hout)0.5( undue cost. )17.9(The)0.5( SDR stra)0.5(te)0.5(gy would i)0.5(nvolve)0.5( t)0.5(he)0.5( Chi)0.5(nese m)0.5(ai)0.5(nla)0.5(nd issuers)17.9( )]TJ 0.011 Tc 0.083 Tw T* [(and )0.5(investors )0.5(being )0.5(encouraged )0.5(to )0.5(create )0.5(SDR )0.5(assets )0.5(and liabilities, )0.5(under )0.5(a )0.5(tailored)11( )]TJ 0 Tc 0 Tw T* (regulatory regime and with the support and guidance of the Chinese autho\ rities.)Tj 0.043 Tc 0.082 Tw 1.701 -1.5 Td [(Provided there was good communication, other sovereigns and multilateral\ )43.2( )]TJ 0 Tc 0.028 Tw -1.701 -1.5 Td [(agencies )1.1(would )0.5(come )0.9(on )0.5(board )0.6(to contribute )1.3(to )0.6(SDR development )1.4(in )0.7(the )0.8(mutual )1.1(interest )]TJ 0.015 Tc 0.082 Tw T* [(of all. Hong Kong could play a particularly important role, analogous to\ its present)15.2( )]TJ 0.005 Tc 0.083 Tw T* [(role in )0.5(RMB )0.5(internationalization, in )0.5(promulgating )0.5(the use )0.5(of SDR internationally and)5.1( )]TJ 0.016 Tc T* [(s)-0.6(upporting the emer)17.7(gence of an ecos)-0.6(ys)-0.6(tem around the RM)-0.6(B and the Belt and Road)16( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<002C0051004C0057004C00440057004C00590048005600110003>-44.1<0036002700350003>-45<00480051004B004400510046004800500048005100570003>-44<005A00520058004F00470003>-44.9<005300520057004800510057004C0044004F004F005C0003>-43.9<004500480003>-44.8<00440003>-45<004F00520051004A00100055005800510003>-44.9<005A004C005100B1005A004C00510003>-45<0056004C0057005800440057004C005200510003>-44.4<0049005200550003>-45.1<0044004F004F0003>]TJ /TT1 1 Tf 0.083 Tw T* [(parties concerned: a true realization of President Xi Jinping\222)55.1(s \223community of common )]TJ /C2_0 1 Tf 0 Tw T* <0047004800560057004C0051005C00B40003000B00300044005500470048004F004F000F0003001500130014001A000C0011>Tj /TT2 1 Tf 11 0 0 11 204.3152 296.5858 Tm (References)Tj /TT1 1 Tf -0.01 Tc 0.015 Tw 9 0 0 9 55.2756 266.5363 Tm [(Barrdear)40(, )0.5(J. and M. Kumhof, 2016, \223The )0.5(macroeconomics )0.5(of central )0.5(bank )0.5(issued digital currencies,\224 )]TJ /C2_1 1 Tf 0.01 Tw 2.362 -1.667 Td [<003600570044004900490003003A>91.8<00520055004E004C0051004A000300330044005300480055>]TJ /TT1 1 Tf 0 Tw 7.939 0 Td ( No. 605, Bank of England, London.)Tj /C2_1 1 Tf 0.025 Tc -0.025 Tw -10.302 -1.667 Td [<0026004B004C005100440003>-59.8<00270044004C004F005C>]TJ /TT1 1 Tf 0.06 Tw 5.251 0 Td (, 2016, \223SDR-denominated bonds to be issued in Shanghai FTZ,\224)Tj /C2_1 1 Tf -0.025 Tw 28.283 -0 Td [<0003>-59.8<0026004B004C005100440003>-59.8<00270044004C004F005C>]TJ /TT1 1 Tf 5.586 0 Td (, )Tj -0.055 Tw -36.758 -1.667 Td (12 August.)Tj 0 Tc 0.002 Tw -2.362 -1.667 Td [(Coats, )18.3(W)91.9(., 201)37.1(1, \223A)55.2( global )0.6(currency for a global )0.5(economy: )55.9(A)55( real )0.5(SDR currency )0.5(board,\224 presented )]TJ 0.078 Tw 2.362 -1.667 Td [(at the 201)37.1(1 Money and Banking Conference of Banco Central de La Rep\372blica )55.6(Ar)17.9(gentina, )]TJ 0 Tw 0 -1.667 TD [(Buenos )55.2(Aires, 30 June.)]TJ 0.011 Tc 0.083 Tw -2.362 -1.667 Td (D\222Arista, J., 2018, )Tj /C2_1 1 Tf -0.011 Tw 8.113 -0 Td [<0024004F004F0003>-82.9<00290044004F004F0003>-82.8<00270052005A0051001D0003>-82.8<0027004800450057000F0003>-82.8<002700480055>36.6<0048004A0058004F00440057004C005200510003>-82.8<0044005100470003>-82.9<0029004C0051004400510046004C0044004F0003>-82.8<00260055004C005600480056>]TJ /TT1 1 Tf 0.083 Tw 23.929 0 Td [(, Gloucestershire:)11.1( )]TJ 0 Tc 0 Tw -29.679 -1.667 Td (Edward Elgar Publishing.)Tj 0.022 Tw -2.362 -1.667 Td [(Harrison, M. and Geng, X., 2016, \223A)55( proposal to link the Hong Kong dollar )0.5(to the SDR,\224 )]TJ /C2_1 1 Tf 0 Tw 36.37 -0 Td <00260044004C004D004C0051004A0003>Tj /TT1 1 Tf -34.007 -1.666 Td (\()Tj /C2_1 1 Tf 0.333 -0 Td <00260044004C004D004C0051004A000300300044004A0044005D004C00510048>Tj /C2_0 1 Tf 7.194 0 Td [<000C000F0003003100520011000300180018000F00030053005300110003001A001A00B1>-10.2<001C>-10<0011>]TJ /TT1 1 Tf 0.003 Tc 0.083 Tw -9.89 -1.667 Td [(IMF )0.5(\(International )0.5(Monetary )0.5(Fund\), 201)37.1(1, )]TJ /C2_1 1 Tf -0.003 Tw 17.748 -0 Td [<00280051004B004400510046004C0051004A0003>-82.6<002C0051005700480055005100440057004C005200510044004F0003>-82.5<0030005200510048005700440055005C0003>-82.5<0036005700440045004C004F004C0057005C00B20024>18.2<0003>-82.6<00350052004F0048>3.2<0003>]TJ 0 Tc 0 Tw -15.386 -1.667 Td [<0049005200550003>-70.1<0057004B00480003>-69.7<0036002700350022>]TJ /TT1 1 Tf 0.07 Tw 5.362 0 Td [( [online; )0.6(cited )0.6(15 March 2018]. )55.1(A)74(vailable )0.9(from: https://www)65.1(.imf.or)18.4(g/external/)]TJ /C2_0 1 Tf 0 Tw -5.362 -1.667 Td [<00510053001200530053001200480051004A0012001500130014>37.8<00140012001300140013001A0014>37.3<001400110053004700490011>]TJ /TT1 1 Tf 0.001 Tc 0.082 Tw -2.362 -1.667 Td [(IMF \(Int)0.6(e)0.6(rna)0.6(t)0.6(i)0.5(o)0.5(na)0.6(l)0.5( Mon)0.5(e)0.5(t)0.6(a)0.6(ry Fun)0.5(d\), 20)0.5(16, )]TJ /C2_1 1 Tf -0.001 Tw 17.684 -0 Td [<00360057>0.6<00440049>0.6<0049>0.6<0003>-82.1<00310052>0.5<0057>0.6<0048>0.5<0003>-82<0049>0.5<0052>0.5<00550003>-82.1<0057>0.6<004B0048>0.6<0003>-82.1<002A00150013001D0003>-82<0037004B0048>0.6<0003>-82.1<0035>0.6<0052004F>0.6<0048>0.6<0003>-82.1<00520049>0.6<0003>-82.1<0057>0.6<004B0048>0.6<0003>-82.1<0036>0.5<00270035>0.6<00B2002C0051004C>0.6<0057>0.6<004C>0.6<0044004F>1.1<0003>]TJ ET endstream endobj 40 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Subtype/Form>>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /TT0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 122.4414 646.3984 Tm (Matthew Harrison, Geng Xiao / )Tj /GS1 gs 13.25 0 Td (41\22661)Tj /GS0 gs [(, V)111(ol. 26, No. 4, 2018)]TJ /TT1 1 Tf 7 0 0 7 55.2756 32.4503 Tm [(\2512018 Institute of )19(W)80.2(orld Economics and Politics, Chinese )56.9(Academy of Social Sciences)]TJ ET 0 0 0 0.6 k /GS1 gs 32.598 636.378 22.677 52.441 re f endstream endobj 80 0 obj <> endobj 81 0 obj <> endobj 84 0 obj <> endobj 85 0 obj <>stream H\ۊ0l/m=>MƮF·ta/$(SY~05̲0 wo@^9vf~ֿQ\/ }A >p"7;+7&7𽕴2̧!-尺*ݼs:1ڰ0߸YqLE1(Q)sJWY6EUWqjT'L|a 5׫^4iЬA4iМKS#3NԈǍSKg{lSw;8D/įgN endstream endobj 86 0 obj <>stream H XSW'/ &%R::SXEAEV-:b]Pp7p%1nq87Ǭ~3/9ιw@ $դyO?脨LH(Z=vZIu.lp/(nHLԠ;a n|Rc2$at͆ $jP|btTSi"䤠Ƽ@īãbJ'ޜ&]<)qQYk}F$w,@g] I(2lXr $YcI:I_"$wT;e]B@^Wdϖ?:AQ!Nt}KI/ѿb@UV ^fu3b loFjܤi-Zj6m&uةsǿ{Cޟg}Q=(&vq'&9jO򫉓&|ͷS)ig|9Y͚7? -^ty+W֬]~Mlݶ}]W>r'O>s_x\nwp@_%ϷkR $T]_Z)X)%JcIR!Jg}Ol,qu Lqa&yyy'KbR(ݕ>J_2Q٢R.(v\)S+Vզ6U[PYPluC-TO-jY[zXz[",9@kukbm`}e W htZEi!Z#k)Zeh\mI+vkSYvj uEڢmaF 5opܭݡng_={) .x=&vZ:n"K R7CZ&K?+:LX~`AHC ^鐩 sc~@J7%-JM9\Vn(ϔ*@A\m[N/NTs+^^f9^m-Hw /h zF#inrm0w'wWkzjY6"<  ˆX~O礜+(ǭ'Q*'UUUUw]\dҹP:N-}yt#1WGmGo> SW2uvιΥNq9|%5#l qtutq::Z;Z8:8 ][,>^v;l_a_obh`[|_Ч形4 ߬U|(C~}' Aj49SlHD i/8&Gѯ_pUF5{#Bx~B'S7N}Wοc[k:6Y1p7ofz?%,C*H{EX娂t[SB}Xc)`-"Q)}΢01q0?…c8rHHX$cKLW؎\L$q ;i.e$ғ 7<4S6-+ॅʡ\@F򧊴~崂( h%մ:ZOh#m.Q:M-vATvR!U*TQThT2h}TDդZX TA:DuL^︅ۤJQ:FStP0F6:KtBzSj;K8qO=gLgls9!< x!/żs82^+8qa\+y5zyo-x}omwN.]^EA>ćc|OI>ŧ bGJ_ʐF_de'W?|/eW_g;;;K&|=D?d??cLW*]β;w;s{g$@H TA{(ݵRa]WRC,UV{K 9{3wGU$Vq6&تnm dkdbSmM6STrPa9"GtuwÕ+s xel-mslͳmR]M;ڎc8;Noىvlةvng;β!;'m߶shm|~`fna? {}`Wp.ُ"~b?%s~a/r®$HMII4I ɔ,%ْ#+ͤQԊZSjKbè=uԉ:S*ԍS*ԋzSK? G1zҠl-u$_ ԓB/䴜rNHCiDSh*M4Jh&͢4ަ4ޡw=Zk REuI]VuU]S7Tn2muGU{(h  s0 ?#܂[r+nm\+܎{'>#܅+܃'܇罯+?ʌ<'y0i~rG~_e~_agG'd,Pv{dgPS;\5R\vwkꚻ]+ur]]n{ uk:#(WABu 14 )0 %t+*a\&U1u> t%g\k"r7FM8 G"/\u@Eu]s}oFA(XD4FcQ`5,SWLk1O4M4?t٥159:9sݻLA]/_CMQhD,҉X-d?.3d̒e6MEo"Ñ݂6ѶZdl[dp 5sAuՐjHՋlLTG*# 0Ėg*ȁ;٦ \}Z"Rq]u50Z=gUdw %oxřVM4H ?PgZGH# i'%p *"F ᗁnƓؼ V_B jf ~? X89WVrP:-`xBоx&^(|Ԩek~5Nq 1@?~7XjLݪΫ+6..jKJ%PK}gFxDEPG*i6@w -4CM |+Y"Áh9/cljhS.aozF _P=(Q1\ )L) jb^¿:Ά7Ck~'`CN,m nv'J]b' \HxQ5w>qZv r0<) ͩky$mT;hݭWIE/G?vynWOUtbݻ_^QNrD&&9rLɷ5r.=9'8'WΤG'kObt [Ј~B-կ)WƭRg7y}8NvAtz/}"jD#yl> _AN'tY;uGy/!G Gu&{ylgDG%: &:*c #oGN=y%ۧr3g%g w " =͍nr(֣߷;~FoDmN* zV\eSG6P@B)j);[:bDz4X~ ߤjd-8Bs3!U,6ncf6#˿p|6 tyxcS  z >C׊yשZg38SZO.]Ziڦ,vWh ^1IOղc8΍QGu.; uz"qP%NK&;A ;аg~k2]3Ҝjhìka0)mԮ"B, z`wE5.9-vM7+-2GX]RCS2c\=dƨ gpv2*z,Y c᥈nn.OQ1~am-<9z K$E0!,`XX :kz;WkXfև[T vWdd>܁"nj򣳢Ƿ/N#ΖҹJN*3ո8tY>Xe2Q$HղbBa$c(8@1Ȇ0 Ӓi3dvi NRI6Noto߾s̀s}lەj{)( BnY<Q3p@2ʄMh&_ NXi\^Y߶<ж#)gm۶QY?sR7. ^%ԂKIFj [[ XMR*KC]=ee4*ߢ%`eTT|rWyKힾ6Bssό1O i[ёW*>e"_T2i^f'x R MМ޿lPw$/pW$&s3sR5K^U(*Qb=drVuj#M`Z$e`tUL"1n4D! RA/K 3Er,*E#A\=Ax=.ro{ 2H`/ԕG= |>Aɳ\HqRz>#|)PzfuVt* t3rkeCVpL?NPKi+4Ś Ռ6P56Evcwa ^4ol`juRIo7G[tvB>E J.F!ơt&Y٪w$r0A; \? A>ȰgZZ̥{iWR./5( "ZFz*=>Yt @~ڒEUZw 9 `1=:h# hpaU=F X9 !hCӌ& l֎ѝG.=̋6mMħ4HK^}'wνϾ5^8~ȖcGw!`1'@ˮuE#" "6(fCCCF,^ Il%1B5zPh /f3+[bv7{giVI 7n8ΕF9%Z%~Cz{6)j;Eb 1`$4m#D*w?[+q*q=^e..AiX9I0 SVWU|kneXNN?|_s}!>!8yP((K w FAkB36Tiؒc}FNqT w &F_MH{sm1# q#Qs"E" `e{'TkILUPNh{a(=N&Zj9ߧǗ{SQe{+?rvpP}ʜivG`nN QSBFp 41{745͠:݀s\Vf졄ç~_Pw>; <PEy8>Z Q39wγWSKggCW+hr2kMĭ9M[2I6|i2?qtUuh^KB=ᝡmSwF>MZZ}w-[8O?}-t 06n˜f34/ՆU~j)T9[YizG@C19FX&c_³P-VEC< k|{FYK!VXȫ!\競8iCk@QLeOftk$i`'BQa,@{]R4T[e+$;NަU:/{k El+qmkbM˗|}dW޺8chhҒP@RFW@v MTbmU[*EbZ 8dUSB-C-NPiBTmYU}/A4;z+<~Omp;)<)NlJ ?_o]#>`Ă]˓9$".i=!!̇hAY $9U9NA~hqA?Cks, hC a cq x_bg1 `3Ď#D*H "s^3߯W=Q"p:~T@ n[J.&:$fe?l Eo ]YnKg;f#17_|™N;t0d?"i}#@,Q%F<{!E _RGB^MRӔG12D9K4R<s$EA=8T 4ț\ lP+UJr,g9 q}Ŭ xzFPdMv*5o1B7‰ȇvHymƛ ]Hh"h GwmAF+]f"_. "xc.FYpI~~}.mݟn:rsh>wļ-ílDǹ/~^j JxRid $ha$Oq-IJM'H_,Pпw&8홤id$oݶڣO4XBWw&w)~@Z;U&>QhytʇT ^56h62XVڮA]D!.g?Xx.Vp2·)X2.Ӧ%&s.,̢l+fC϶WkZ"K  9Ek[Em؜ 'J&ahmFjɎ 3j"ߋ2*Yd;C# [j9*o%ɨYH<'+$ G4JEj4-zHzJScL7~66-+ncK*˷dʐejF*[>CeTJBh MS8!6jvpG@(Aˆs1ۤa[>%4#N/ IYR9bb!'$`WBt;@5PeB.P&g{n2:t]gK7>XT[Q~2ՇqN/ƨx*X[_]ێjc'SV4r%:T"A?z`ukiW#Hlw9N8Ƽc1f[RT5ӿu[&& M72#!&\q90hHhNyu~лܐ۠!ޒHޔ|`d0:۴x.wm^P^oogYjSK'Ҍ^6sqz)O" "` -"xQ'ѓy$ 1/82R@ \"JQCKLv"AKܻy ,w/Ht ?HceK>P $dG *Y6<6Z]cQnL4 "1|UE{[])ݮfIX,v 3 e!./]rؖ}-B %2w$H쿘\c,f#H6ث 드=# de9[J=amv +>3]-GR{qwެ, y֨(c- C69Ea9Ω.XFnGvrLWrgd:rMjqXFx>,l٧($BոY6%:<‡ck[&beiT Ws%v*4#44vb) #if3 ' 1 a&%0R^ qqq9N5Av?\^ȋ(oe9xTܦmF~" vY<%ݮDLK9Rt():*r e G2lJ/)дYY6PExCC×yGqjgsf>F3:2r~ZlѪڋM7*oTl5F"Hɣ 4 G4fqvUeԪ rCԖԴl8{v梵T6iW$g:QȎ m7t?ûk&ƶS'V~sÔe3tՍO.ضC_Ӭ}G[FmᗮH A2_'3n :%x>ɰ0޹󴳡Hҳ۾lܽ/')>ǘфfwԻIV]KɊiH;*B̺RzJyi;093=#/lO=Ӛ]CuFq\ޞ۽]}_{>|>}GxN((@e j*VM!Q# Җb^UBRZQdA hC*1Cjm73~'^Jգ۲Nf21_=$':."+/Fd` lĊ zM$#f~ {.V7$ x2*T > |.raŁ6a mAE,?xZ'0߄0wfOXa%pe9y9q(::RbAX(`9\.6^Gp\.֜^w#Δ4 v˻ KVZN2|QyCi G; e+u Dz5KfyR?+r͛АϙbP.Zvu%ySCШS;&4gLμ!\.=7\1!V'2meTOW>ϰߖ-r.)p2l겈'z"2"=A''[!zI4I+5H-M%F^qw/nXہnw'=-=:?ڦ_~{8O^l~ N~I 9$*3*KjAjr%6\]סEь.I8 heW$,/NsG_"r6g5  ֤<V p[|}'"Ho 7۞&tIIeA>Sh%iI&́EqȘ5aD$PK@ ʋ`KQ_DP6;Ị&o d#\|T.ʰyN!i4r=PyjUJ|p`bI/2Am[:QMCDH&uD@T"2yPÄ15uH6{ٵ+kq:*g0GzS|窾VZ-. Oaٳ'$@p4, IRkx>쑽q/߼zIk=л>| OҏnR7Am'5RFtglWc(Z*RYS4gO7Y3RE'p"3B 2qVZ}`qE[H (].E,Zy`c uy1 3y@f˸Y42?Gjw=eV0u8歭Mo ԱfiV>ф<59Vb: id{b6әZKOg>hGXYk:4еcM#X߭ՊnفϦ1뚱TqF1u\Kv]E^T.J$d*T%p\fl숑\8 A!pHÀ Fp- ߙ~gLڍ =hr l>٤pe+G@R/.A8ݷnA]k g` "\&)`0h+ J"aHGS̝bs`7 h|vv,8ELn k^ ЈN,)S Ng\^^*(rԒ#\}OF*6Ҟ' vrݛrҗkJk$QBʸ2QWH*ݝw5{)5n/ق];*L3g~Ra A-$h6&1 ~/&&zAG{ek -/& (%& #'(3w6}a<Rㆻ^C=6bT es?0VXj]7Ċ1Gq/~.͟vg@H @*NE4w5o𽨶ހd 2iM:t{MDzC]J]L=rÛ桌A=^ѮD(aY!bÄNHQT*m\v ;V*y67<<(/Ù^ <>9Аar}@^||WCpA#/Gx%ccTr ?ZX{GGH)\ c O=G6@Y?hH=%E IѥKХ( r$3AE &a-`@,B#rq(6ɾ OEvn.Mp] I1A1ͤq&-ɮ38LnhML~vld2`OU )mt]$HX c\67͆)\5̐ɛǽ@xs4/h# \js{4wCc`%BAs[#:qV*_ҕ.=ʵw! 9dXJ\Fn&̝ Qښٝxpp(r@:5?/%0kg9Ț +0&A9hj؞ny7ѻgO۽x#_/][|OcwqG;H-QhP'K*=2ת**!gx92d+Q9W?3z-@ n-pn÷|e]FnOu $@7Hg&Uu1q Sb !1fc=E[UDCE9҉z%@.ol1x8>1 3BײZDE*QUUCumL)3jNmﻗsooK1~`.DV;vDr`}[VgһB{_viuӊ{Q; }PŇ@Kq #xyji~ʱJR0HI$r1ţs=5>$$a*GRD/:ѳNVBE|0F(4*"TӶ@ έCm]j_oO=b$)tq=,ls=#Nڙ-7$S%dV`'q jALٮ l|S06S2dŚF5Phn?qz޼0\֫.@uHzifqq'}'7 xq0p]Sg~q^ڊ?=q&⑄\] llJU~X܉ UI*D* 5PiZn |5TT';ܹB2i?tR9TR\EQPc,5MV(RKn>H}bR &dF1h%\V=cLhX:+uZiT^۶qh'`dj)YƜZBl;~mlVGM[/8 @87kߛoߚoۤoZ5U ]n5UN)wGa'>-|a9EaY#  lavjv44v$GI2k6+ VFYr1BY(l 9I4p$*EvJ]}?fgYi~oxv;Chq|WvO&) C!?%aIHXK(v1ᕝ2+i|xӑӡ m{x+K :A!p83"y8-Ί.q8S8 t;' ,a[5@>)(p3fçX !*vU\o0ݻtmuO #=-8\_OTFo"Hk_`QYzeUb`AǷ}?%sD "M!! p&4/BuPQ젤+aX8zTvi(~uÙoQܖg+2(ڞE ATHSN!K x<9 Os~B'`p`O\{8@ )Lc ?ÊՋtQ5%ݱSҶ[4Sɬhll@-Ke I xY/˦z P(D7 d%#;1`iroO)pms(1Hs8)>qD' {!L~}Qgwܽ:NeFTD~᥍;-h_6Q{jh|' kc8c;;q'L؉yŌ$@CJ(Q*D)bb,`LC!( t-6m#v%N# k;Dǖs{9^SgGvi ifVUBס͕r6L*250S(wKKhDŽУweY'+WPIư\HH8ߟҥ}~jE?m%@T^+xjDgc]ne*͊Csk̕JO@*DMEs,k= nמ<)g^= tZa6kDNIp 9,%Vxk-.4zYsa`R1-鶘5}*Os0۪PEkk,(/z"\ܵ-,w,B*d~t͉{˶2V6^ `KP #}=st7Ywu=zZ8藹R\v uH}`ɮf #<%X2ߗ&_!pNHB[)S|WrMZ. 軋/hŪ-%s+g'|n{AD[Ֆ c5sV/rZq+Hm3uV$j3>Q.)F4[[[ vvw4)s˫O]_v[6ojZ'9qkêv6H Ȭw|eub19ph')"-9 5s}oC,ZK>ċd-Z E[r􆵸|Rʲ*ٮ'uחÕ,;q*3:LZ!cPDI ?`?RG(0Cs9=WO^Va)I_8#eGK++ŦFGeA,r$\hj+ IřhCF2uʒ{DN(Oh8͍wՔT=_&  .煥f%?:ޗ;Bs`m[Zc Q`zbcˆD~?Xe9\kޟ1-O7?y;i94=Ld-ӃT?TcB1 iDj=2Oj㊾u]@ʻ6{ A1Fw (< , ,Bۓ ezZHvʁy+kT+o&"jEۋuVv]76.w0A. p܃~؜!Kwo<sm\gٰ!ƌgBɅn`w٠}6.|-͆,bmgtE(~@?)\|)9&66v6H͏U|4/@g?k}CM Em +Tb8s|L)5[ 9Xo(Q54Kl@E1&~boܗ3 hۯ:y|Rχ}q }a@?`_Clع  uۀ(@~a0{3:s{@8d~|hظ @'emo>ڗ`/20n2~0npO7coR>cq-Jrh#37LF>MNƩ B 2nM5LJqqf2Φ:#ژ?2|r6;ŸQN0cabZ@ ZS CaPe$OZMz B´(iJeEi)UQ9b,2f`Cnd}K\f$>3*f\>3)I3Xn`97q^I ;d^NܒS\c7'Pw:~龍o!z*@G88f〱Bf+γ^{85S2&醨Sy_Pc[ϗ!^?1A}D#XQ b<2~+1MJrI{VT|del ~XЁoU&.W(RnSk+|~{݂L:9dt?: |?'E:7b}9gm&bi1((|(tAE:~/rT e# ]=s5}w|nUB'XJ%j 1[MSc8~}I *51Dhhi@)R,Zʌ̀ZP-ՎB?Giڂ0:؎hUp`ҎA*$slb?}39{ݽeWxd:7Duc3>|Hzְ@!#UGnŔU:ޕa&*2[9MG Ӭ:'݇~OH;XGZ*sVO~ \[&E^,tnﮦnX{vnze}}p@5TxbALKlf4uv|eܲy b}vk}S}?Cǵhy쇪/vVc𐳏 Gve6q3jegበ,-gw`*(T35^etWMrީ\v%޻E&0lW!/Ad;2!Ĺ-2s7z_M:N9x|;QaCrJ ;;yZb)PMy`w>[~5[yRg~W&)dCLR]յQZ'e"8Dp SC\mk#_]L.Zb>d]W%x}ĿMZa.zUjbώlx]Kk;52_ϕ*Qd_-ߋ $/pȫ|T󼍺ؕXBM[zCqkJ`AO`E)dYпN6ã sk/P>7āvxH7Гj?FvC֝׈6Kٳ:Ylj,'?tjѪe貵FٶHjկWؚ@fJ)"~ݡ|5,=<6ݔKG9-]bl/9d#?EN2?F/sq_-w\#GgI2NIM1ە.z)sZ>c$*>"=S"%b箯ҡ#8s2k4=䬑x7Kd\z5[`+uc;*'{m9! {}C uP ѷֻ'sr{7|BLjkxreb92@h8?C!f޿Ͷi]s,֘HL\It vߖZgn sUcj$g\1G̻TGwHh'%eg֏BJo7Ka xw&r/ YLu߻$UҀ8ߕwAAU͉s9/e?5G gVQOȥ7\K8k.&Ef_m F6Y uM"3ݑdsjٯk%=y-d =o,l9{4V~ZE|r.L62YiQ5!U p+Z `X_oԷhb;Ͽ;B]3e1Ma]?]Ӆ݉ ?;?ӵs}:/<[RG4t9~^MǶ &7ɠY2ȿ@.VoRc2dARq&ebˏðA~;)8$eT!Qp]\ٰ{a& WxFQ %w'67L֛`c rb~)9½O{?%~O %">P'_T~bgSb#_xݼ?LԼkl=q^FTm7/'ߠ)K=+#26=%7 6T'W7'oJ |*#z|(;kܡr6J3ᾁjМ[Fs_.Ua&Q_.S?c*)#< ~+MM*L{9Ui?ƛc:XRY9&Xݴ,[FckkHGei IGsDZglg(uU2$x:*nCcR\ FA,JBk)u6֓BgX;=Wo_0Q&l c%A=Ե߁ཾ3˃xS$ H0wAENemuftl\洜aEYz8ГX?=kuj;Yi ti]ԯYufuvAr qރ-ZCTFT+gفOqd1^ŸS䲞}Mn}mPUs.Hb %لBh!-2e3lLBڄءS  Zl!(Ytg,J)L:8Ny8#S*jY߹gFRb;{y|y}A̐x#\1Aq$"8ckq_Q89ɽpq#\p_bؼľ;6c~uY}u%ә{9pE,|'(ұg.n -_`}}CwKbk(}$Xrt1n϶Pæ~Ɨ ѹh󞌏zӺL ꆿ؂l[<9ϩF{ǕyK(OqI ;`>EL.vڤxMM~%4?xMcTt:vc+mM= o)K.ޛgVp/)]6 "S)m,hTȚ gAzcgN-V)/; >\/Ѣ/w32*v_հ\ȷ!P4ȯ丿0CB]+4;r\!#/ h3W߹q 7c;̌ac'&w]{e?E2qgDp }ie@g]]NG=f1YҮRc~ҭ4݄f6^p}T\IXKkG}?EHN؆K_׾=z>ʄ~Qj̭8/S5Mu~J]KaJҖaU[ Es(m|?܍2Nb_!ć8Ү0 D5G!oEiZrI(NCQ-O*+[ڗF}u`CMVyq'e;BeA2kL3ҳ!yDK9Nrh}>k bN+?|' @>a\^_h>O@>}n\X|_;)(_b=o>M2iBy: ~'f;w;n2R[`Y 78Tܐ8g̃r'ߙ\ulcng4}_ȷ9|zU]M1E743h\G~C4F;75}ra}1S@d`}?luHLu$[MJO/C%FƯFbh7u_qvja/~n-#H/; ]X]Wj4Fh4Fh4Fh4Fh4Fh4Fh4DI=ʣM&R6}5zli?R>YwSw U4[г^t74EMpSJ7(4nRP@~-uJwAoS:cv^Qrh̀VI)´4T'sf#U_!kQyоd*B&vK BNK9qRtfxQ3Hȋ3#dBzD&giLqZNDR0 XO)A^j`Rx#2v|`KU"ӸٱΤ!tK %8JD( ]³Eay`Q ^ J9G0} 6 S؎U{J-,n g }YRBrtȧ܆[fJ7]m3ӛDm --#4ZǐZGbZ:Gk@S߂k̵XfNhFfiFfk{Tހy<@'@:$slY䎂@D @D lMyx#B&+uC4 P$c#QkU0YG9Eu%T; fhZm+P –*(&yۖxi&E+ecjՍ޳Eˤwr))YG{v{-yy~` \9s@w#KL[:t>x}%`T-y؅h#ۼ B9f!@ [o fcϭ]7:A/vjXrzȵ]` A}lwEmλ.ktfv6:^I_O]t!={qVpwΗVp:9g@& DVLZwe2:X0ŸNxǥ2N|yz`l0ȽPW[+o7( 9FnT+8*jPP?BCjǂJ"8dyc꥘:S;b*}*mL&9~RԏC!dHjێJ͂kﴼL-SGԘJ/PT'q;p\%|䱫| uV0c`a`>sWbwjcOaoÞ] &5`阧_M!1n ۵q?s"I"NY;a97 BO6k'!k/N:>* ThgydHc.N"vICFW&觑}ɸe^'NI}5QtBE5~P2~B:F p=RlC+l%r-":#[=gvQS}\ E8";`T(–bV={Z6{ ڿvUTc2{wb*^$Z"iϸggz{&ů4* J(nťH Q+60.lvq8D/q/QEޱSRj8NI۽Tsﰽ7gʔ(-Bɑ (wi2kҮ3p3f4eߘ }wQhԮh ڴS|@G~-5k=q5e֤R!Xfa/'eD #&7\J4.#]ajDYӪh?a| D'PLAD6ia=TPHk "v.*$KʽeWu:,1DfEJhګFR ? c7O$'d^ONy/=O7y h;s;6i'q=,M<"> endobj 83 0 obj <>stream H\n0~ Cn*H@"cr;R696f\e澅UzFDcWO۲Ԙae)<\Vɧg=_`'7*v'fL`Vʪtnx}|\=)>7 2눓g zp(C,8*F; 6 wD8 qBǩ˄ 铈9"c9%V̊|@Ns8!~Gb!2(1g_zsA*Wq,E׫ޜʩ.M endstream endobj 87 0 obj <>stream HtTWY)80 *k4&vA,v$Ѩk, uW@I,.~||sy3; eFN]k+#c#3d 8^;ZX(A}8l5zԌ EQ[gI=KcS tVBHZܞS-ʒNKR3?C8T{n t8 t,UqZgyje8Eq͇C&Y9Jv.^G ^+USU5}4S5k֪T'8'7hM7kޢemڶ}:wk/UzۯD3xaG5zq 'L4yįvf̜4;yy),\xeW\zik׭߰q-[mwLߵ{}>ZNTb`a :ɿ^~w_󞿿q`1%)Z%G<*P \$ $U]:^T{PG =v I\T[/ S.r-l5l6[uV`{l˱,[h))pD?-ȕI7>?^zܼyKr͝ n,ڗ;"TAa!~VPKCK=K%o1Z*Y<,d~j|h9,b>`iԾԴ7fϴڲϕ.QZJRB\LQ9tSJI8I^؉tHޔEU*C ^ U% dtHd&_#Ltr*]tT?g<y;0#?.=F.{j -(PwBPN8pN(#\p('<(/*Pm KTޢ,QU"YP'4aDu/D 1SE?p \ks` ܀r#C17܌s nɭ5܎?܁;r']s _W܃{r/}/8rG <0mv&U/P*Dı\֒]̳*ji3."4b-l$P}G1j= &(NVel&M[qlW DRZHgyl)B:Z~ UOa8SRjd 'yfr7;h"{gȃ4i k@oƋNE4"t0XMh%4 _G$VW?]hRXN3= F;i^vmRZ#g+3R^TGt.}jq3}/V7;_`C|?'wT$iֹDX[v;>_ a#ًt8V]X-?oKWJ:Z*ëun0~jo_5߾~Jy6"am'e0d ]^-``ic+l%xr-FO b@3TM#AmYM-wn `*`۰c3xc=u.1m Y"j9Y>ZF#MR]ʗ9uJ d6 4^"-K@_ୣ@UG2bĩ6^XUe}shxp0_7WpoVW!EbՇRZfXV['Y+#ڙYPT(6U+ɗovG6/ -9= ?. 2hq.V:2h3!wY<2p%bl.eKp܊\gfc/gXkG 0\ӼUŷ?A)|x(T0 b>D(6 |Ptũ+J:v֨DZj,+VuuZU"Ri=g`}/xrG3["g)x ]FrQǯT.`hOͧQ<8PO*l;X5S5 9e7숨*PϊY+bh_ȯ) (7&q3.-fϦY4ҕUp8+i'W}s,ޛLf)]?Bc$_+T4OC"8J)|UwJcL*ÅRiuTE&~9h#/*PtuQ3$1B"6)tK8WN1I8jUP"iJDIN}'tJͥ\Dv~ ,Rʴ'?Snh\u<-.0 FJg=#]yQQ[HM*4Zi|XDڗcljVb()|hGYl + '76L^Q#G >tHZ3EВ% LLoD?[>Q{EX-"8L^׌TSd}=#~CPk ^=+heaž̦qYG׌/ܺfy!}q3,7r6hjf01U=~7)KwUʤޑ#!v XXvO~>PHc650cy=D×i0l }7#\c ˰曷)5F9,!>8mؗ+մ.ʳҲ?3Jx˝E`^1>꛰麰Օ15ѰҵРŎ愄deͦBTG^nJ=dFTfkī"yGUga.c0m渹P6] ~#vLG0P622tV  YZ-֦G^lՆBDǨ/v5Llœ LÙLÙ~݇OkDx 拧e3'mqcnɈqyE"xzo8g #WkpwjWֲd[,Vo$U 4l<-` @IBfB+q&a'#!CHA1P$ IWtsoΪ*-U'5>>Uhstc7Sy]H]LR kՀjM<]à6k|xT'}5ax&Bx'Ψx u(ui]]i+UkZj]*B^:mHWF1J۸6VF)[@jP,ﰺ(ZB } c;i2-&B!{>eLw 辋W.zd K ̨T<3pFf oE45{4K[߶)0[cqTiKtzUQaaQ*eDVgYXZeDW{,|*dL2kvEPx^3sĻsvx`[yp8 'A=o(աjԹ)'A5j~!9@F`]LQ-AG(;÷`WfX"Mjӄ¡ND5Z^#(1$:*$[ZhGiF&%ӭծΥy\rku!okquLN^krzBq~Y .brIu v6ؽ= a05Ɉ扈x8^Rt )YJGYʊ|U!5޻wҽuM7m̅ 귕-:>}+n\g^OKs3R킣z PFjS[!Nl9#38f#]F|mN%#&IFuA *N'"|0g()R 8G|@EBRLFBC&%.iT4AnǕ¤8FJ jŘd;O_YiRzuE^TbN }"Qlq߰PL-y`r|++dEp7\xs_ML bAbe6CaȃI eUi`3.Uv JN*82E"Q& g("9̗?&-ksv^^ SKzH e4Z-W-Q<*x$&Gb\ QD֯m1?QV˦L@cNߨO^|mK~Cnq_tn|l9e/zoO?X1 g%֯޶~Nvlmy0uyZ?zS]9X>W}lv|g}|{>ۗqqR[ kWԠM !A3`kCm6@Vi&mI;:uU ISECLX45q$hz{ｻ={u?3wS︷ f$ qWy^OR MUfNB$O1@]Lhd)f>8JŨT9-xlT4tuBoWfgȞ ]$CMa,d2/ a UKLÀM2e|Y@ 9Z]mx/ɱ?~sެswT+kܖq>7z#o?:?$?)?ڗ$؛q>Җv }UbHӛ;L,42)紥=/J<~*B +Vfen򂠧h ndt"vQi#S&U2lrKXV<Ԛa8 fJcTf2{kՁu{jdo_͵˵N4SV_ۿ߱/>{ =pkT̎5xellx r@Usvd.&9:,^ -{<wG_+qJiA\m;|cL}ef!29 *BN%`w-@rqAbVJdLMV堊̻xYkGn}z{Qiw2@ HCpNrf\WIFfdm0"E]OsB.3~ЇɁ{ံʠ1t;|u-fWWԛiʑ0sg3ݲ}GZ2 [r].g Ҁ0[O6D+;1i\z^HSLi> dL&LbITs-κ։U>$?%"{=ce^ l{zl-e(8>RlF.>#->k,A7\mv-F92?϶W]wrm4KYԝqW[F5`Utl=M~^xye#j]s8%3|Qމ ~Utej#W'IFEC{)Y'<ːOkN{jdߠkbO sUSV 㼂HDDEx HHIZsexeAeS7&"j5(R#Eka(rqCs Rѕjɣ7=T/|Ő?C%!VMF:!5;qFo_e #. _1AN>,rh~kӜ{{!plڒ{dL+xLV!LQYh tcy~ay[~ꩪ >v54(XL)%|^z-,FyirePM!la*v㐡AP*Rs`|a:1JYV- 3W'6V\Y؁.uQiL9W-9N,Bn|e"SB P8??FtEC#n/.S9YKYD4Mʕ"]f$} ؅zIr9ϖ!D;@*y,~s £9xRl=B&q;*j!@Jˠy~PJi uL@8dl\8.K%bNsp(0}fY9QZ2ѪiMGdPa70` ^ϱ(,&Y%C#*{0aXR)/Јz{kYM[ӛŠ/9ZPѣjtѣ߳ś)E]`G "ee(HPN/B'\2 W5W PF Ƕ\ ^щ~j֤n)x<jU!wzj?xR&8jll@p쑽CWfߵz=z_u'Й5Kc[mޭ{hۺ™Spmp}+zOov@C7jH4)yhdfl`F-%&uZ~ӀyojLof?15o$ajYd0dl1[`~0#hfk&x@ 10I00oG`?YkE +jP}gXr%kAWk}[U,xuZZ4hr8GZ9cT !@X7n a$UPtp#lO'^.AnvbךͿPv}ۛG_/sFv6:덥@,_5*`5V-s4Ks}+[n+3AO g N×trgnИkșsX5f5_U7q0Nw!a4t 9c2@qHi( NF6 @F[Q C(( o yt57m0snK tLnSFxd]3-BWu ELځt:UX',&7t٨x7 {:j淟pKF?n)O>ԭT׏ܷg/^+LvG!qnv)]_TqR"ci?\_WtQr; :ٺ =Ӧ+QG-i˴x@>6dÈ H]Sqr{["j2]؊[ ~ A㾖VwKKkhj[= -{U I`h7[264p3zhR`H_]1Y  gBGE9*;;G|U1 qxu9 ) RSȹη#M#}D7 PVtYQ\rs+S-Ȥ$kZ UI9jLAء&0ZǓZy'isf:})|k@YϨ繘}#u?W!saMǚ*Cf;c?RіO— v'ja[oZ8@ .YZVeQAHR!9><$E /?)SrPQOlvb@HH3òJoxQף * ٮXG͂5\\*)(Ćȋ1OY /lzu?:֘Z׼SWEN민kȰt2;է %^5rյ[st1z\*4nE8(u,H=@ T)G2J&6| *4ڙ CR *&FhT K84$N*hxuù d7)I!ފ6*1O4zb;߽9moked5]m5dNF_GZvm)6:Ǯ_)h0X*~u~!XIi`ta`r$3L=1P]=a?yl˼n!_Oڸ:{u{Ln[bL&kQuC6mYٹ1p۬TǐH6$!yCHB$>Ģ5׺qâ@Ҳ؅<x)]iXY'݆CMC?3DDr\>AGD\N(IJT1ȆEj"2AITHָ򒜝dNÀ Ž${}Y$a$ޗIoyRBrMSYffpA\QkiTc5 {2)aC {jyacco䟲Kw86 )W!hsmN:dq*hkCэ[" )hf飳6^$^_c3U`KcA>Ϡi&JKc2,G(M&wcbF.F Ws $g+yI/2d+0#k'}IwEb>}cWUx9}?|b _(vȲ;]]`jT]-&`i(:)]N-;:5!v)vmˌf1oerEGt,^ݻAr{ 8wm ׾49?q錪`/rw4 ^{ o- N]3]E㘆}hZ$D^C"~d`8=yV`9݂0 ln2A9SBEJJ:YzC#Pdsu5'q[4ElU$YJv*J)mMjp3Xej$ {>QPxL٥Z2dLQR.Ŝ1Be֣Fo t.n'7V«˙mϛ&V[#쪏'61 [J7` A6򕂇+ W"mT>c-{U7L{ ynOgzńѦfF-wQBR(g\ެ;>1D4j6#o$auU$^ј66bAZ/ NAO.z# a 58HjZSʁ\+{ywP6*<36!qWDЋ±4G PudPD&I$,PCf .%yEZm;j}gLp 4IEv Dܳk1Κpu_5I.l  6_'l|i5"bbzm6rqb~ɥ ~xArJ+1u&RӔS"h8JcW&?lVl z\H=vb~\ 2ZŹh[{E8i]{'2~ ډ B~t@GOq9!p}]&/qsI. @Ȁf6MS'aV@8 RB0׉V3>Q/<'*ￇ_{KCl{i\/W}+Jea>3̧:-P7Q*'ytJtj`P6ka\PG*u(Lנ}ޫa7)2sa1h_C$'{ mWi-Kj-0KcrݿT֭yjM#y8 {wS &A2IH(ρ Ly*]f H+C[@j"Qh7Sbv@E ARG3~ٻyaEaMs87_|.N§7@@:Ң7F q+=p{ߩm9P=4ό9@721)|Na{tƑ@~Sqs[bP:| kk|@l :˾F12?7UcLD !B;)ຮj$Ԟ8Ԣ{i,} 3#@.p 4ӃvC?2y 7Z}}F>s'yt[v[?:+"kݦ/끥Put/ GOJ;=SIvA=j{9DΟ:PO]{pmukS'5U5'Pyk)3\JU+i@/õ&NZ"|f8o]u~-z Ex~#>ٰ1 <jC6 WaH 6C 1C 1C Ch|ZD&ԋ(_]3Qڅ_m_&4B;n|7l~;ɧ_`bk 6שQ`"7oy36E<%7Y1M~*BEw)ݐ+ 槂E0:AȦFKJ)6YÜ!f^Bbb*U2f.R:~ܰKbe*̏ӺYzS1V )_ Ϭc%񛃵j!jP^d[Ku-.x<ֳce!;r*YyDw}46f$hM)üѣ'#E z =̜*.gxKeRܾyٮVr aBO;Pb+_ yB A5Y+zS-wY=im&MHr\dJ[‡AkR/ʛ9ܓ+%EmI5ɩߑO OX[ғn(`Rp=NJ޽{wΙ{Y`:F찧oX0p#xo ~m4(&ST"s& \UZ0.{k^EqyعLDCtfک{%FuMR[ty؆OfftFudTAb35baCUR)+2eXV}Zlv5,UqiGL&S$ X- #qsa!f0 AY[E4`6 D_3t?l-uu(]3J75%fs4ޡ)cFj6W ޷4J6A0:O׃ o*$/W hG*,wwǹ"wsGe޵ XGya>ί{||  0F+@BDx 8bfBy݂Q-&0FC":Noh&*=HmL0YoNJGҳQisTFQި4'*͊J 7Ldr9= HKiw@z< =zR2 %$" 19*˪QE| 9/KrFI8hϓ4΍"k< 붋1Sd [m"Ey3QJ{ȏwQAoOޠ(ǯ#&KVՎ rRfbl1܈nr jEl_BE.o"7`{&8*bg`3d4,_'!&yqBmfp?+ \Ig1ҡɒ%X!1dah,Wܛ8řɚ1a, O }£BZ0Va0W B=$JE-DNDbmtj n.vᨤaCK5OsvEK*UK[+e i냇Qs\]k2[4Jn+b:S%q.3 S:͢)⾸wqŽ?R|ߛz9ݝN/J ٴX9gۗZE#M 4(m) {zo)(mF#xҠ('dqmGyɻ;qSAWj(P"!J)C@(u,;}y3?ql8!<fj#ݎ+3gwpgbV5ԟ3P*vRnGO܃Ut J__΅`) ҄inbni'L!Hu u%e5mYK%39h~AN[m]k3UMY6&Zח/Gi IR N4߹1*r(--`OSS5l5(9s;7r"䜨 0* endstream endobj 39 0 obj <> endobj 88 0 obj <> endobj 89 0 obj <>stream H\n@D9&`fd!H$IV{ m ߧedYv|vt8c5)^k;Se5m=~?Me]w쳲to{yݭ=51]g>stream H| XTGǫ_*x›7Ep]%,A$^Ѡ"x$***""" "*}㍚hf5Ac" 3i@uU}U;y[{O3zaC#]3V7p\Q'DBF\6,>WȱBG`ո1Wj9:NLؙ 븈ة]+ָGR,=#F[*9'Ƞ=K ]FGMX_>:&$zO41DL.|38E]PkR%Q]/֨UTdl6릁c;fs8]4L}>l%ʢQ&VMml;4oѲUk6m99jm󓎝:{t[׿w?? ^/W_0poþ>`tбƇM3)vrܔӦ㌙gϙ0oąI,I]l􌕫2Wge[n 7-[o߱s={?p#G?q3gϝ/p+WZ7_t;e YG0g\yXz40:KCXcf$eJ/FJ˥ )[ʗvJ~?UV6*g[*<ײ\v5V({>'˽(yN(^BQkߨi iTQqtiB\EBb8(tQp%^IPde);!rAV~i=P*^ժʷ;  ^ fjfc}ɐ[O'%t: 褰| %ki(JRV*nIU_oUQjx\J[ʲ!x t VWLiqzCgfL=#t*:wtBaUXO%< >1_Љc'JفJ0dEe8'`QdKe`0GqK0^5^0VKW^{7+ K^P񺲠bP{ KQ9<|ZŁ{)eekm[[޲lbH|\}~z]ѷ;Qw]n*QnnUѩuNk+mL%""bEŪݪb,myQI}oP[}OWz$sVϋj5Sg~scm&ke %Q6ɗW-[d+Gl\!;EvnV^'CrX#C1ɓ|)rBN)9-?9 JrA~E)KrYXH\R&ܔ[R&ܕ_rOUCy$ȯXڪ洍r*S2w܃8{qoÉDT+Si2TuT*ZWK? ]e2u[eLܗqPa̔q2Afx-$S\'eLePb8%<DzRȧ7 Ne}ώl.B}I_EX_%.:@&$smvs ׁ&6贻aA&ŤB]LW4a3XdT<ʌ6\pCn5O6f <z΄C8C%ƍ 7pf*oP-SfnCgB8nAPf ~\6EPoCh>4blSM׃à6ʶH~}p4(@ɟ)q\^jh,R ~uUxAi5X2R?K=痩'2#}{6;w<_BGP>Q#iz,r:k|yJT||G' AcjK۰k ࿂|# uc_ SګC0*U*c0'9^@t:@3w:1P.r+?sYܥ 7>9tO;=@R+\E߂A}z3rNcNɘyU=S9ěm:"1^( 1! CW``R.xSQZKN|`d8.U3Uc pt߂kXHʪJPUVf&J󸺦uq:D+@5OA #'™M t#xL=)P%t=xBr\T%/Az֭kpHBYem|Yj:s)xT\3QcyEyx{zrT ߰&P0Tp|PWt _j"3p&"3=fC ሏԖ:,! ;qnRjXm۟]ںz\]]R5Ru N "Lt·`PRs뚉n] FC<ԭ9^uQ4\?V덒T&nySSG[Vx!n*!|srgtA|얶Ӂ6sBt,ϓr n ԅ$~aXwZp1#H2/j n2cU44#Q09ޮ|4S U>7\ >t7az3]SaLgOw$GNv/'P28B; UejZ.VNԁh(+t uBaXQ)&4TP:~zZ R C=t20bbR<_ʹ8]`0=OӉzٮg|5<9KYu7@]]śbPBy/5t[8-gS[Pu׹ B$'Eo׶MT?j"yM4jؠ~pAuݵ_+5kTVJ+UPr.kؠwvpJu;ƩdSusس=zz޳zJ( u:~ }^1;Y;YghwZGwJqfǍOm J[||E+F3^M\.sısw "WЖIcD8$0 (c -#@Zۨ[79 pI5CH4QM?#IHӴ{}ep l<ْ!)Rf@]4+UTJkץ^Sm^uԕ'fAmfe :dǍ㖄cB׳)e2=:!@*|ߔ#ߡP0ԓuր=m`Ď H#H*jR;H]n7v5DFm$wљR#fkP{V2>dITTg$9oL9 )Ա~βj0^4IfmmFFo3 G00҆BtUIb܇/ʹ;S84NB acjDBH9ڙ"WꙧQl*TJBԁaCih \&xMs0H&|{twgarT!7:_F~yt`qrp)@ Aў)/ne)1k4Tc x='r-* HTE_Wh+|z&i?䍷‘΂פk޸t5ʼnebR<"Ie N__ُĽ#{+xNtq cǍ[Y\LB\!7 B)%gQٮ= ZrݳY٥O#YDD1JQO_*nQ܌l Dj X"tN+)? ӊw%MeeuYR'GKÕ5>{uȝַ<߯k{:\ͧA&M ۅ f3B#H>>aAdyf!'Ӛ , A.".sK[PŸ́aԢ. 7i"-THCh8E_=tSrmK߅g'i^m΃tABS#ニc,s_yruqfaMa,H%tp| k CVրRUfdL~>sk׆7Ks8}GavulC8,*Q-jEV3B 'V%%P@QbGBq"^QW|>vvg?o|>ymc>m* .E4-)mZ$@E@*D)!N)@AqQ?DFCm jNh@|ۙsw{3{TvvB}D.*nɱέw\tG;׽䚜6.4e+b+) DW5ɪiV>"bF=Ŋ¯)WQ*I'C*\z-55C4_)B% `B4SΈ@Vw8TAH`o$5o-`YooV6}3[O>V3i/f=lg m6֧l{yI!Uayh=-BO%;suh E_}\r2Dd֪õC)v[tVq[BD"[fgːNtsP%ܨP 2sBX)+JY,nMh0ƉcnԼ9BBYiaԗ<[ \*UCJV# )FDuQM|˯I}#i޵A^ݦ\C1L*g\ZOĉjUcXQeG|H (ӵZs%X8J :kr+?jjge~ά~k۬8}5kwix զ!3|8%Xe)5 QEi)qM#Ftgx61j4 Pf+w)Bµ]zc+Mx>zv'*oQ gX gы~Zao3PV&! rV!}c;A {I@a;SB&tcq #OTVd DdY)fU72bis6?hp\^8 س["[My  nR2:I{ I }z_߀zv'fp @ _xv Ʀ`UGsUu0'SO k6yl{Q8X.ԁ>nAg%",C*O/At>DB]9~GJ!׾xIv 7#}ViS 3WSYt=IeizHL2E gk/83|rB!ph yw[X{^1'3R \/-n`TQcl"Fm#勞jj1¡qgLnZ aBrWin#B"=ٸa/Anxf&|BBۢ B\$m\ rn޻ҮڗJʖv㇌ޤƔ ` )@y &CL@B;&aځL1mz3 ͤL M:xJmi-ޣ]i{}DB:d$ۨD;䛛Y)y+ ,=;CM5&F渒8W欹?ψ>r4gq$2C 4d' =ՙoOhwK򾨴N΍Rn/2y97\RyWoior4(?dPC")1|U|(s"$0(vS%Iv+ݩrAKybOHnL&dα, s rS'Pn+\c d#N`ۓ鯘GXqa,hC"h$@'WaŒ -[.d&S iAVJ"U8]|o[˖-^d{ebѱ]|ܮf]yZQ*p c~HUc*]Ca6[&U:~]P4{Zst *j/+Ky:ғ|`|PLa7H3m!QYL$]JSVKX'>{;;nz/Oz^ޕ|6u(pX:s2a13ʛȤ֘T7,@eO/cP2^B)6p=h^f,"͹Y¢xz{P*Y *)AJD*ޡ  FAAUPI~4<ޤQ9pQɭʣLT% |%g/%k!RƵ`Ƞw|s|M!Oe OAiRM4!nRӜQW_ {M| SfK;񒶮YO<{;tc裎G_Qt]~G77~$Oj=#ᙕuemzeۤR7 *z>+8$ ?7 b:1 9,#\NHEv\8:W5B:K~Jꄒ .}v :usrǠ,)u0;"e*Y\ 3&%y +>hR3Ç :К5BPoLÇ|>ϑC_^}JMʡɁ+I9e5BilO }IKN((`X`(0ڣW?osjvh { (p^4vs_FA#\ ȇz Ke9 ϱU7ޗoӐ&(Ԛꘕbї2:B`?]%8#.ԄH÷}UTҡKQ4RձuB3,זKZvNn$V#~H`agY ;Ip/$DIº N4nQP2Z+47(cQA(常5MWk*"H!+AYVT^tK$ۏ3+?|̪joN2764ɝ';9躷"4PJ`x֎ӓ^\g)m1۷iji]]ԵjA˗(O[flB v?\8u[<^Dt)2lr3)0z+0ڀz(QA܇+dNZcmz>峾6< _"07-'']I3V 2J@ߣhPohCg-s)zij.X%^M JW9<$Z01Z('cl=-!a!10H( 4UL;,G3p}3U ȍU`O`>hE ~r'_thKL0sdu!JB*_9e.함‚b%w:64'Yԑ23tkfQ]3w}Rf3;}v9pL?ԫzj8a .I5Q)u^֎wϒݳ<=+ݳ.ͦd% 2#CQ[<->zW8( vAs˙V~Q8Ŀ8|}V urmp1.%\_NjMQ \5:zHT q1$d u`Y"։9 dşlkSH\aoo#{ueR>W#웒n< 0rLͷ{2in/چ9_-(G͜/|奿E6fWA2(<-BX kRϣ✭ї[;SZNSn?h}Dy>È\Xh:$FzРL9 K>?}(!/#r ɱ2d8²+,Ie$ɦ"oAYnl `e">qTa{FG~:vW!ւ!2l.ln6bK,qVˍ7=djzQ% o$ /q-b 416\\zaskeyG׬}돯{s;hG̫`ӿ cU4t昪A^IZfn1ºʱ{ mGA*K{VuOgh uuz/Q>TɇƧvK%Z,9NG0cTNPK!c-`G*hwEq|5b5᫒B R:A*+0`#xRdlzwR48d/W2N%HRp$Pj{ 1d'/"&5?="+m{'I$iMEmf$99lsE7mB1I[\X]Uy de W5oP~ؼvڂ;S+ ܯ;Z1.3KE*J)Vq#K"{L5(s'eܠخ(+:o͛yk]D`/[.6RpH/4JܨjEZPTVJJ ПZ?ASRjKl;kXh73sciiUOUuUwWkSRS7VH5_Z0~|˪wT_4ϪmqH#eQ 3&b!sV#We~Ê׺8lb9{æհj5e;'k6ʚm9@Ó5qcOla f7+w:t6t%4\HtȘP64V*+PBmLƔLs7R @?7D Iɶ-3U9{rm8&4Z$v/̻+:%I Y+F;!Yq;K'+Mũz$ka8D Zg]$ω9 #x (,b8z;^*Ap`|t珉͖࢝,zZrELx) sUj(ţ%Z`d9>\ʃAA<;XG";,AOdj=hYp:0xo{~/gmZ3z;_cW]קIΧ/˻x7y~pM SW7*8x, gv"1Qi*}^MN_-Sgx bba*r1 0,^;q׎u͹ !Bݧ^Q\8 JڦPGT eȊ'db%8d}C9%ڝV^j֞ ã&tF0I8*59*Hx4lޛ;Jz\*oOHX^?^ d]z&?I֓i$\QcX\NtiisIʮmݮ0 SLJDaeŇeOX0!aUJ֜q$%-`i.,K`6H`\$a|N,IMDD+WH GLB;obr<(%ǹ֣ ͢$:ܴrPIE]Ў&$,Z$&E|S/-_,NPk޼b?yhzɴ-ZzZVN>6T%x {ne[| b\TUXT>d7+(QF6@d93Ф Ƭx ¬z   =WCbUU3P p(>4.>fGT8 gۜn;Qڸ =ca^sxMi Y75d6ic')W$5򯔷%z]eJK%*s&O>vtW l|l_!MQhIt%em цvZ:6R§Ć&ƪEB -k&T1i*Jm5)}_b48Zq36 %D[5wzwjx]2@PWE^+9BNS1KdsGBW%A/^K전z-ɦ}8P/Sg*,Vn. <s41#1 3Ԏ "Y]Uv u*2<8N N(jhZP1\Topk#/n|h.W-9Ľ_<<~uxW>ӳx@۵8!Ź'PB<xK*O>$,^龪c<ioqW.IV˅o٥Qn(d#HMH4zrՋ;KcʐAK*,_Zo>i) Y(Lr ,pf17d^ri|u| E'ޯCH؜dU'ztCt+ݤvZg(=eLrd;]J%ɽ-mOv_/geg?J%/R,٢D)Hr`ESIiTDҳ޺nαڳ¬A]<,ֱAQCy5t+˦"l:6%;e5jeG`y- .aV VYܢX![zi$sXVIXWUeruB]Pc(\TVb,36c&bIuߞ/cN^Q2PÀl;{N ٩1|c/|@}17zME X?fC w:m~='E$+G!v*o" LQ*bU6mۆ(h & E(b3Y?h2`VEZI>yƆދoy$ƒڍc-ݡPmt-eh"֖MJ{esRȹD& =OixRV O_e1> #$-ECij۰OʴՊ," \#\\~H dmW&W&;W&6&(acMlF^LFĈ"`Dbd$")OPx+s \Vk ط.c{av9EDyIV$ŭ0+jQQ(mcV5dXq 03!v\YqMWTEvzkhO {Əpˢ%wMnP|{P>cD KƂ; 箵ׇYkVō& 134yC쌧ORQGYv Sybvuy&bӦ,I&@/)ϐ5xХth lR6 t/^w(_ :HϡS >jshhi#mC%nʻY% =1ec(> ?nMeenܰa{F/ei BK0 b6BdQAL aw8'9'w[p!1q"xxg$<6 RFa6eza& eL6+Թ B@=ƿXTesbz|~QuX^3ϒ,q!)BdĴ燼:Q+DïHcjK> &@iD*.ue{ 3E 0 Q6ASaeɛR`ʪ^V㜪LEI#)J,[Dիup2%3sͣYjy:b,/-?+R7I?3YI{$YdY__|57(/+]]]vz(^>#[J_2Uj3{_s]k)ve,uhĀ`H 5(m @kSJ'RCe<*64))jPiIA) m$*!7wjwܙ33gsf޶7ޮOQL`^?\#Z\EWBqES^{=7Rn']o;)X+ /a51nƱ ҊI6Fef%zQbN1vG/uKCsFջZwmhmy9ygKxKEsz9ܦ:gŸh3©G2$6D34|o|Xϣ* 'p(Tjad`Xka]Bk|;_(?/w O0"nV]3N2ZDOQ¨5F 8^`azg^܄"Hl7MlmR$_2 IeO?zM6Ybn=u5ԇ'bZQÛĜHg" 0Oq mM匓\/+]v3K&%ok`R`7>'4:A!+_ǭG<9gl0 >o_O>IfqvZϰSWɷ$U ȏ%d)m!˄C, q>@q3-/TK\l y=BFǓɲhA^DE؇ttzD!Uڴ*HwPr)#*tPMrW&SͩK=t>@! ԠNrB/TCfˁY=/t|3ҹɀBT8DbB,JHsHf8節1B,6hb%il%^WGDC1i5yyqɝdcA}r86 Y'qIA>Im11C666Hc ٞ/1ӛROACca{.eca2^_x6-U%m' D[9ډEzt]*Gky|b-V1[մ{W,Hlf໗.\Fb䣧w _6kEXF?.]yx }.c!mVYH[%ohIxJG=u֝~+b/Ũӧç堟LwܫAKD6JzOܭcn)1UC>헡QF>Z5y~H?_寨Ҧso-a'߱Ϭ"S C5f![ה˱)e;QG߀qy d4u5vM1Q+B<)%]xPʽdc|$ssݖ-^ P'`m$ȻγpĻe3}PϤәOgh֏Koݭ5v:Bz{޷-UG[/D{K!PpE9ҏ lruk$<a:Z̫z.c(LCYFYȐU>?.Β®ܮ+㸈5;W)$=<$y '2ϒ/OyS6Fa$dfSt ',LUMv^ُmcʬ~|q_Ac_)D:'=Kr5Po 3X~2rIREGCryJ,84ʃO7- w g#I}*y4=wq G0/3!hˊY揶7@/GrCݭ"+3>7Њێ[x^$cc/v|γ5eP?7/S$;æ&?V2?sy1~dH K:k-|TF]qի 1#\|좞H==w?_A9Q u} ? *9`>X|`[3;΢;0ૐ 2OC6c 0l,?0 d Y7z pﷀ_g1~#0a 0yd_1G*L%J(QD%J(QD%J(QD?xW' It@3Q*5N+1xUy.kHP r]<.j=k*z7ѧz.+kU$h첎z]i9Xy~̢4c, Ůe`" O{aY,Mv2>iPf )` G".-(Kf6"[fPZA>rb$5|22zښ83omo5:-vBSe{}-kY_ W1eK[VyZ(0Zh2&65-uMƼYY$?BlљQ0_XF3fd&|YFACQZ7{NKQhj*KJ /oIn5`T{@0Pc5-ZQfLFyQR[ek@Cs9̕tr_)ŴJ7OM8jVlx[X0XOI47j#FH-M"'Z֌?@R|R[#3QKOBXZ7-sKfdP"!} zk[b-$* ҰIKj^ےt It()4󰦼+SM M=g;}mEi&GGhUDл|7kq7ڶ:qvq_=DZwR5cC4* 7'k(W_55N3D^jZjmN-ZjԚP ?\mTQkZF0ꨥ҈`g%s^h:,% /ZDjmATsH}^qWlDI܆IrpMbMbI 9`kaa} @fX Ȯ? k(.$ZA4j_op |EHe%qRCFuJ!6Ljp#y8wFq9mB=I'7v]M4"^Id "SƜ|9m2N^}70/9gDN*ʅGBPи*c*ChNiTy]nQv"_HlɠeMZ%^`Q%*oQT+yQe9z,v,& Ā/EX=M{[yKAV{H_/͓J2t[qsq[5*1"pX=NS>?CӞS"ΰѱٰ޶Y-<ڮX#?XMTUVE+W?x)ZQ_cIOkL;3e׮v]G21Fp2cfz7] L9tށ;IrQ@Aw ?tu+)!a r]6SLdfJ2BYS3&JL T5v2$YH"" L 懒1>٭۲-dzܝ4}ʲ'l^<.o;O}mzLB,Jv]F"d4%C[HKۊ#sx0׊ [j<&>Ws-b."x[:+#t.kOuЌWw7[=$'InBq ੥13SSU{d1G<'`fT%_I28/X=_rIؚ Svtcg:"/^3+-M:s2@cky(,zXlb:^֮8~.CfN3ceOb`0PB/t̖J n endstream endobj 45 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (59)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.019 Tw 10 0 0 10 72.2835 599.7209 Tm [(usage )0.6(of )0.5(the )0.8(SDR should )0.5(expand, according )1.1(to )0.7(the )0.8(initiatives )1.6(described )0.9(in )0.7(this )0.7(paper)40.3(, )0.5(the )]TJ 0 Tw 0 -1.5 TD (SDR could be a good option for Hong Kong dollar linkage at some point in\ the future. )Tj -0.008 Tc 0.083 Tw 1.701 -1.5 Td [(Normally)64.7(, preparations for changing the value or basis of a currency are kept se\ cret)7.2( )]TJ 0.019 Tc 0.082 Tw -1.701 -1.5 Td [(until implementation, which, in turn, is done overnight. However)40.1(, developments in)34( )]TJ 0.004 Tc T* [(cryptocurrency raise t)0.5(he possibility of adva)0.5(nce experiment)0.5(ation, namel)0.5(y issuance of a)19.2( )]TJ 0.007 Tc T* [(digital version of the SDR \(E-SDRs\), as discussed in Subsection )17.7(V)128.8(.3\(2\) above, while)22.1( )]TJ -0.015 Tc 0.007 Tw T* (maintaining the existing US dollar link. Such experimentation would allo\ w space for public )Tj 0 Tw T* (discussion and preparation well in advance of any contemplated switch in\ the future.)Tj 0.01 Tc 0.082 Tw 1.701 -1.5 Td [(Swi)0.6(t)0.6(c)0.6(h)0.5(i)0.6(ng)0.5( t)0.6(h)0.5(e)0.6( Ho)0.5(ng)0.5( Ko)0.5(ng)0.5( d)0.5(ol)0.6(l)0.6(a)0.6(r)0.5( l)0.6(i)0.7(nk fr)0.5(om)0.6( US d)0.5(ol)0.6(l)0.7(a)0.6(rs t)0.7(o SDR)0.5(s i)0.6(s no)0.5(t)0.6( i)0.7(m)0.6(m)0.6(i)0.6(ne)0.7(nt)0.6(.)10( )]TJ 0 Tc 0.059 Tw -1.701 -1.5 Td [(However)40(, if )0.6(the )0.7(SDR initiative )1.8(progresses and )0.5(international )1.8(usage )0.6(of the )0.8(SDR expands, )]TJ 0.011 Tw T* [(it could become)0.6( a natural step for Hong Kong at some point in the future and would add \ )]TJ 0 Tw T* (impetus to global usage of the SDR.)Tj /TT2 1 Tf 12.648 -3.228 Td [(4. )55.4(Actions by Other Parties)]TJ /TT1 1 Tf 0.054 Tw -12.648 -1.473 Td [(It )0.7(would be )0.7(important )1.3(for other )0.9(states )0.8(and )0.6(entities )1.3(in )0.7(the )0.8(interna)0.6(tional )1.1(system )0.7(to )0.6(at )0.9(least )]TJ 0 Tw T* (passively accept the SDR initiative and, if possible, support it.)Tj 1.701 -1.5 Td (Some principal actors and possible actions are suggested as follows:)Tj /TT3 1 Tf 0.033 Tc -0.033 Tw 0 -1.5 TD (1 )Tj /TT1 1 Tf 0.082 Tw 0.898 0 Td [(The IMF should endorse the SDR strategy)65.1(, and, if possible, be engaged in)33( )]TJ 0 Tc 0.003 Tw -2.599 -1.5 Td [(formulating )1.3(the )0.8(strategy )0.9(and )0.6(accommodating )1.8(its )0.6(implementation. )2.1(Subject )1(to )0.6(the )0.8(approval )]TJ 0.014 Tc 0.082 Tw 0 -1.5 TD [(of its members, the IMF should consider creating an SDR substitution acc\ ount, and)14( )]TJ 0.015 Tc 0.083 Tw T* [(acting as a market maker for SDR bonds issued by sovereigns. It should a\ lso make)15.2( )]TJ 0 Tc 0.078 Tw T* [(further issues of SDR notes, make more SDR )-0.6(allocations, )0.8(denominate )0.6(its statistics )0.5(and )]TJ 0 Tw T* (accounts in SDR, and denominate its lending in SDR as far as possible.)Tj /TT3 1 Tf 1.701 -1.5 Td (2 )Tj /TT1 1 Tf 0.083 Tw 0.833 0 Td [(The )18.4(W)80.1(orld Bank and the )55.5(Asian Development Bank could both issue SDR bonds )]TJ 0 Tw -2.534 -1.5 Td (and lend in SDRs.)Tj /TT3 1 Tf 0.005 Tc -0.005 Tw 1.701 -1.5 Td (3 )Tj /TT1 1 Tf 0.082 Tw 0.842 0 Td [(T)0.5(he)0.5( )55(Asi)0.5(an Infra)0.5(st)0.5(ruc)0.5(t)0.5(ure)0.5( Invest)0.5(m)0.5(ent Ba)0.5(nk \(AIIB\) c)0.5(ould consi)0.5(der bond i)0.5(ssuanc)0.5(e)5.2( )]TJ 0 Tc 0 Tw -2.543 -1.5 Td (and lending denominated in SDRs.)Tj /TT3 1 Tf 1.701 -1.5 Td (4 )Tj /TT1 1 Tf 0.025 Tw 0.775 0 Td [(Other sovereig)0.5(ns and corporat)0.5(es with capacity )1(to do so can consider making )0.6(SDR )]TJ 0 Tw -2.476 -1.5 Td (bond issues.)Tj /TT2 1 Tf 11 0 0 11 213.9862 144.5779 Tm (VI. Conclusion)Tj /TT1 1 Tf 0.006 Tc 0.082 Tw 10 0 0 10 72.2835 113.6973 Tm [(Recognizi)0.5(ng the probl)0.5(ems i)0.5(nhe)0.5(rent i)0.5(n t)0.5(he prese)0.5(nt)0.5( internat)0.5(ional monet)0.5(ary archit)0.5(ect)0.5(ure)0.5(,)6( )]TJ -0.003 Tc 0 Tw T* [(this paper supports)-0.6( the reform proposals in O)-0.6(campo \(2015\) under w)-0.6(hich the international)-2.8( )]TJ 0 Tc 0.08 Tw T* [(monetary )0.5(architecture )1.1(evolves to a multi-currency )1(system underpinned by a lar)18.4(ger role )]TJ /C2_0 1 Tf 0.008 Tc -0.008 Tw T* [<0049005200550003>-82.5<0057004B00480003>-82.4<0036002700350003>-82.5<0055004800C0004800460057004C0051004A0003>-82.5<0057004B00480003>-82.4<004400560053004C005500440057004C0052005100560003>-82.4<005200490003>-82.4<0057004B00480003>-82.5<0014001C0019001C0003>-82.5<0044005000480051004700500048005100570003>-82.5<005700520003>-82.5<0057004B00480003>-82.4<002C003000290003>-27.2<002400550057004C0046004F0048005600110003>-27.2<0024>63<0003>]TJ /TT1 1 Tf 0 Tc 0.035 Tw T* [(widely-used SDR and a more independent )0.6(IMF )-0.6(with the power to issue SDRs )-0.7(when the )]TJ ET endstream endobj 37 0 obj <> endobj 91 0 obj <> endobj 92 0 obj <>stream H\Kk ໿b< ([ 9AШsȿe #^V+ѡAip6=JWLu8z01!8{I;N6n [ $Wn@Sڮ! 9'VP}Fl@a4^hj/^Aܸ#",ur]FWUt]GчC1}>EїK*^M,7ts JXc!dI~$c endstream endobj 93 0 obj <>stream H| XTGǫ_ϠfDQW Kbl5&n"!x& *^  ≨xVTs{w~ ܥ]$f †DǸFfn!SQs~b,,bF%[c#%h<p(|ƅ)vskv7m!0O^QbZ 0"VBBRc'MʌV2ThǦalY\xgFȉ,sbg,HfQyhA6xD] 5x(l67`Co/: SISO&Ujf[XleemckgкMvN;8]vcЫwϿ0pЗzȿ#F !cBƎ5!:fb줸SN>gΊO=gn .JZd鲔i+32WZfmn޺6nڼ`++ܶ}G]a>r'O>S| /].W]qǟnYoSVR ?`{jh0a*aLC,; c͘+ŒX2c%Ki4\)IR/I?SYT.*_ת?Uu_V,keY}d_Or^$jNZ45_i4ZҪVZ[QvkC]UBb+m|)J,T4%O)Tv)iRV~tut!0]Dj[[M]dݍ~Fc/c_NoFit'OLfSCɐ@'w%t[ $ :KYR+i$HRN.nIU_ohTQj\RȲ)t{. :M Ӥ4ұti@G~tR\NsKm :X-i!׍&SPPO|Oܕt=luV"Rq*F`)WSgG~3` D8 LWLLkҷy+U$V\1U}R%U̬\^>=32֕-(XMIJBy ~à58 KJ_~XLT/?ߠߡwkqJ"S S稳իYUOzK8F%A5o5ԟ3."lt @z(sv ymk|M7*3Oi_o 0ȇDǂ ~Cl` I\Hjx K IQ(:(sP `4@ p.7P W`;`9܀kp]A8Q8r!&B $ q"6BLQ:"^A,Q{g`f"!C 9+qfj:T-٘kpy c u 7f܂ qnw. /&&b܃{܇%xm*at֘G(xObl ;ۡ#$r}t3X =tA5ųxc ^"]FWtCuXW*^xbGtG_>ބnϠ2 #Ǣv< |;MXu% #8HMԌԂ,%"+&%;@ zSjKȑ=u gr!ICZ}ȍQGr'NqknCKh)-ZNF+(2'V*ʢՔM9#6e-aXKgXxmc;N`G vg]e7mvU=b1=C=xOKdZ#H2ݹq |{p>)#g>'|!OTyxƟs/*KQ[%iU "raDk1Aˤ1L!b{,CaT4bMef%^wzw?Zl4&)=7ܤ]f7ؓi!sϚ &\6&|k-sۛ<1q,[jnkZo[Kl]ئlkֶN A oA0ۃlOn{F>6lm؁vl07? W\rol`&e]|&[fAȔ}%كrYK9"GrRNI3rVWr^.H\K+|-y\k-(!rS)rK Hn)rOy(DJLy*<* ?J/hNR蔺K{))NRy GCyA<^̧/izLkTց :2X&PXP!^4!Kd|(d,$+d̔JV$ud"-E6ܘ@cL 7fT:Ҍ2>&ֲisz1%hw 2 *yL-<5Ry5Tp[vܞ;pGJ%[jcgL贡Nr ?S ]BݡBSdnC-а l{h*jcq'YMLTS7R="j*;So{S }?f`[S0$Q<]L=U[NW Q56UȗP4բH8 TjB mQ PO.B-(JE8hE;1QWcUM)D@8bTSz);Bj:.E@3olj. 2d;Ij wS=ٽ#$P:n:w #TPeNV$_@j:31$tJ[﹃~HX^O=1b$cNeUo|B"Nܫ6^:txGͱћ! BT,gzgM'Ns,D,vn T7FK֪6d,zή%:W_܊{'#፯\4ps?q:NGg;ePPDdHd!]ʬiHt/7rI=$_X05B|.MQEXFVQuӉ3O5,-CuUjz7*w{ ZP7\ As8dz7mt#S`sjnVUGuS\g q |QICT]N"៣\= *,S> .n f:u}Tti? xm='tP pN n}ZB\UT;8*P5CPa/yir H! S1gxqUϽ>gڞڱgd'GXN)[kR▤ )I*"D>*i 0<XH R(H|$jlsf6ss=s.O1ާtd'M'#)|SfWhuzH?"+VQWď jw]dpc#OCS;{&]C;;z{:;'m-&1& H8 }u^v9v[ kM %Ȋ9ך,ۮ$2&71GVn+USF/)ohy^F+xW2bת>j ܉  fx(|V˝UJ+mi1=ckO@fGԎOI`71)NtJ 3NNkcl&"FSbIqXsK a4KZGh<_N,*1-NO>טɂ>Gq3Z+KHܛοYal(2]o :,p đC̽G~L<?V>,=,3o.3,r3q+%{J "pO~Je3ku OHF\1q/ &Pk @ȟ[º+F^{)oa1y(Idгf}!څI.C3tR4è*LS2BW 3uM84 ͧIqم~ҥH^%HJK" y;TW(\l+ 9*}zrnjD{u{yAsuJVVGL[7T"vXm7*"ry12_Pg~RR7oc)5ޚhT3RQ:uX踤RE3lj㾳{c"9Z9DIJ $Y*PX|f@6!1لdVZg TZx(Q*l_ #فR2xAceX4Z}׮[+-kxqXr첦OWwSи+ ͵߭ũA##ǃ.:\/I@dG( >#6şS(> GR[ PW]*q0K҄Ef]s&l4F$՟$ؠS&/Z"Rf4]XT@-)Gr^"oDž Iq}O+.o?cuZk2by7!g-&.߱cYD`KwE g7=cV+T vŏMoYnA)4'$%I$G].M!]-JnWXS8/U]|C`^U 5C:t__ب;ɑ #_ŐQ06"F"r,oqWYyM5"Z)d6捛jy,sۖ1]FG=<{]ńuڙ|,e`.mWO.;>ax|ﾋjSaf"ļ Y4t:f T;yCO O:/-y˕Q#60wdm9rρ?G{}S u-­P}V}Of-,sUtҕnQ)qV&FRi5u_δW3j!,x>tF: 7òH6yZi/4(.\wf<E|ZI* HZ>?},CF"Kֵ~xvE;S?77e{S ɧDSwZ{Kңw} ZkY̡sV< F{kؾ#_ulzhma۴[g=j'Vc2D(Di: u:1~_kӴ<6%y4Iע/>C9wH͔B5A.o=|a{̅Mtc PLaŁ$J|b~S#g ܲ|x?׾ZͩW6`^8<`?1 [g,ܛ40 ^i9BA PA 8 6yc>`n`,^ wVce͌"}@=U Y/Y[/Ŝo?xl)s Y6y+-US o8}nBSBRA l$4$m ,aKvI&K7(Vbt*0eN%ifءNN0‴:Z}-Kb`c_2=s5wwk6wySyN9NTꝊdz<٧˩҉ndR}A=O'N'm;L-oIi9ʶz尯CӋq֋iE*>c\=ecj1G$|4,~z)vtaKBڇ̑$$3R)e7d.l2cgܤvM_i>ImWW dla=)gGcgwpRhrѾFa1kfY3E9ZslHTH_6Ǝ"t;zI4S=8*w&Q+[.#3}žf}Ei7[tM#u?2f92*Z ez1֚| YF}A?o gE."Ɗ}౏\4Z/`0b?)誽bsKb.< ߛZ_4Ș]xZyP:Ц툕s$aϛw+Xx _l'Q=/} 8FzGa4N7gC_.S'y;2ǹkxsO{[-IMT* loU8z:R7Ғ֭US"O\m?/L3T>Iz:r( =` `٥ >?ܟh?3'!mփ>8ƨ&;A5E#}CoqҺo$[:KI.ч MgR>qTKCN9he9і K+ΜB,Ua HoUs) FH }^WvSۼ`場cc}2>ļف(IJ;پ>u:>"2XxHɺw=m 1~d"$]PF<3$Ӟ%?ꈱ!9K rK҈?.,Ȟvgb->0 AC[gU!=W{Ǽ. 'qϋ}L3J>t3$WfBD9٧ rHyS)OB[QƬbT58o QG Bg<բO ? ϫAT] uof@ƚԄX @$xkxϫ|<;"ސW˜IVΖ\2 -{`mب5PeX<5+YDhN<0mfMQވqS&ǟoDFnEmU@`vU9pӼ@!X04 ^PBC5PވE>xxE]S"uF]Uq4G"FG«k-\?*~X`N)ȕR5QXG %(fZ5Eiy#?@F"2_v]k=_|2'_Ȗ 憖uMN4 eZJKeB:)U2D'z: MFN?PV:VG诡7в⾔;/ی𰨳?ş$,̭۹+ϰe԰㻥%%Wwݰ}:Jo'ٌǰJ ɏeJˬAJO\Mtʝ&Sg0S]hRO3"߆f'0p pkH;ޚ)YA,C|-VWk9ߟa!YG 1Y,oj:uRsݲ.mó2_[PwW;w̔ZcR$FQ#߈NWxN"@?8H "ǗaO q4i&<0bpm?: ӀjS Zp Hy,XnBfvƽunGw^m7,Zbٻ-U5vx<)؞V{:p6սg hNF-?Z~i>M<1#WǯN]#SN7Yv!h m멣wn~;x.okޠxi7/v^rN8yg3q;UjvNt|%#)pzd|I{tܥ6U[ap0bP~ת6Oeu{.C;`KKG#l8tcrLg9cz1ąߨ>ܥ-ܪ0VYlT}R"'5fS`/m֗{ʲ>YBH(' r2_KyV{!DЬZ3ìWR4ՍT3#ǴUnOh ɼvm rև|lz^FŇdn%ϗfLdG [( e")y2X&n$i7'ninI^fLV@mC7dC*G QG*ihV&}.:}"tKb,ϥ)iF!'4'') /RQ<L^c*^/8ϓJ{dÏ˄%5Nh얱2v]MA(l$41>/~4˄*$nճYEW]At[pIr_r*rEiE.XA*PX$dr1dLHxv養 ש$u|RIΊX~A;vM0 9+n&$֊xOpi{Żuq%1ḁ◕{E6:(2břJ%Iq*e*\eV}8?@C^q'++M슪JNs*6s!16ԠВ;z &75j|ϥKUH5](>ѡ+RאIv›k7ɻJ߱.nf&$;3z8J0fC,[˦ƪkڳⱫպuϲԡ-/,P:/-;۴6<X` S9{0!msӔ!9[ oCꜶV, +0laΐTaeg(0 1n{^3FMȯ2,+)_Lnݖ! X0.ӑםZ?OZ|qR,bw쏃xv<"oz[dns9o<ktc_tg_^n-p:zu[1]Y=/=x-Bɷ{Mt%p}Kc~|_PTP'CH?HyTiҏuDsj7 qʻ֤1GD0D clnL`L$dm(Xw3?$ICx©E~nwUWO_Au@KLMu&n :YkuUMiU}Zv}&,`QqZqnb[y1*f.'b̆=h endstream endobj 44 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (58)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.005 Tc 0.082 Tw 10 0 0 10 55.2756 599.7209 Tm [(Kong, i)0.5(n c)0.5(onsul)0.5(t)0.5(at)0.5(i)0.5(on wi)0.5(t)0.5(h t)0.5(he)0.5( re)0.5(le)0.5(va)0.5(nt)]TJ /Span<>> BDC 16.203 0 Td ( )Tj EMC [(pa)0.5(rt)0.5(i)0.5(es, t)0.5(o deve)0.5(l)0.5(op a t)0.5(ra)0.5(de)0.5(able)0.5( c)0.5(rypt)0.5(oc)0.5(urre)0.5(nc)0.5(y)10( )]TJ -0.005 Tc 0.012 Tw -16.203 -1.5 Td (version of the SDR, and promote its use, particularly in relation to the\ Chinese mainland-)Tj 0 Tw 0 -1.5 TD [(initiated SDR assets and liabilities as discussed in Subsection )18(V)128.8(.2 above. )]TJ -0.01 Tc 0.053 Tw 1.701 -1.5 Td (\223Enhanced SDRs\224 or E-SDRs would be)Tj /Span<>> BDC ( )Tj EMC [(backed by)65(, with its value tied to, a basket of )]TJ -0.001 Tc 0.083 Tw -1.701 -1.5 Td [(the SDR underlying currencies according )0.5(to )0.5(the SDR )0.5(composite )0.5(ratio; that )0.5(is, it would)9( )]TJ -0.002 Tc 0.082 Tw T* [(be)0.5( a \223stable coin.\224 E-SDRs would be a)0.5( cryptocurrency with t)0.5(he bl)0.5(ockcha)0.5(in technology)8( )]TJ -0.01 Tc 0.001 Tw T* [(providing new functions that make E-SDRs useful in a digital economy)64.9(. E-SDRs would be )]TJ 0 Tw T* [(created by banks authorized by the HKMA)55( against deposit of the underlying currencies. )]TJ 0.011 Tc 0.082 Tw 1.701 -1.5 Td [(Who would use E-SDRs? )17.7(The primary application of E-SDRs, once available to)11( )]TJ 0.016 Tc -1.701 -1.5 Td [(ret)0.5(a)0.5(il)0.5( use)0.5(rs and SME)0.5(s, as wel)0.5(l)0.5( as la)0.5(r)18.3(ge)0.5(r c)0.5(orporat)0.5(es a)0.5(nd i)0.5(nst)0.5(it)0.5(uti)0.5(ons, woul)0.5(d be)0.5( as a)0.5(n)16( )]TJ 0.02 Tc T* [(acce)0.5(ss product)0.5( t)0.5(o fa)0.5(cili)0.5(tate)0.5( partici)0.5(pat)0.5(ion in t)0.5(he Chinese m)0.5(ainland\222)55.5(s SDR drive \(see)20.2( )]TJ 0.013 Tc 0.083 Tw T* [(S)-0.6(ubs)-0.6(ection )18.1(V)128.4(.2\). E-S)-0.6(DRs)-0.6( w)-0.6(ould be attractive in their own right as)-0.6( a means)-0.6( to s)-0.6(ettle)13.2( )]TJ 0 Tc 0.034 Tw T* [(transactions )0.7(and store value )0.5(in central )0.7(bank money; )0.5(however)40.2(, because )0.6(most transactions )]TJ 0 Tw T* [(i)0.6(n Hong Kong a)0.6(re)0.6( de)0.6(nom)0.6(i)0.6(na)0.6(t)0.5(e)0.6(d i)0.6(n Hong)0.5( Kong)0.5( dol)0.6(l)0.6(a)0.5(rs, E)0.6(-SDR)0.5(s woul)0.6(d be)0.6( i)0.6(n t)0.6(he)0.6( \223)0.6(wron)0.5(g\224 )]TJ 0.082 Tw T* [(currency )0.9(for )0.5(this )0.7(purpose. )0.5(Nonetheless, )0.8(if )0.7(interest )1.1(in )0.7(the )0.8(SDR grows internationally)66.4(, )0.5(as )]TJ 0.035 Tw T* [(perhaps )0.6(indicate)0.9(d by )0.5(the )0.7(launch )0.9(of the )0.8(Swiss-based SDR cryptocurrency )0.9(Saga, )0.6(this )0.6(core )]TJ /C2_0 1 Tf 0 Tw T* <0049004800440057005800550048000300520049000300280010003600270035005600030050004C004A004B0057000300450048004600520050004800030056004C004A0051004C00BF00460044005100570003004C005100030057004B004800030049005800570058005500480011>Tj /C2_1 1 Tf 0 -3 TD <000B0016000C00030028005900480051005700580044004F0003002F004C0051004E0044004A00480003005200490003002B00520051004A0003002E00520051004A000300270052004F004F0044005500030057005200030036005300480046004C0044004F0003002700550044005A004C0051004A00030035004C004A004B00570056>Tj /TT1 1 Tf 0.019 Tc 0.082 Tw 0 -1.5 TD [(T)0.5(he)0.5( i)0.5(de)0.5(a)0.5( woul)0.5(d be t)0.5(o re)0.5(pl)0.5(ac)0.5(e)0.5( t)0.5(he)0.5( prese)0.5(nt)0.5( US dol)0.5(l)0.5(a)0.5(r)20.3(-l)0.5(i)0.5(nke)0.5(d ra)0.5(te)0.5( m)0.5(e)0.5(c)0.5(ha)0.5(ni)0.5(sm)0.5( wi)0.5(t)0.5(h a)0.5(n)19( )]TJ /C2_0 1 Tf 0 Tc 0 Tw 0 -1.5 TD [<004800540058004C00590044004F0048005100570003>-35.9<005000480046004B00440051004C005600500003>-36.1<000B00440003>-36.7<005000520047004C00BF004800470003>-36.7<0046005800550055004800510046005C0003>-36.4<00450052004400550047000C0003>-36.8<004F004C0051004E004C0051004A0003>-36.3<0057004B00480003>-36.6<002B00520051004A0003>-36.9<002E00520051004A0003>-37<00470052004F004F004400550003>-36.4<005700520003>-36.7<0057004B00480003>]TJ /TT1 1 Tf 0.05 Tw T* [(SDR. )17.9(The three )0.6(note-issuing )0.6(banks creating )0.9(Hong Kong dollar )0.7(notes would be required )]TJ 0.063 Tw T* [(to deposit equivalent )0.6(sums in the underlying SDR currencies )0.6(in the SDR ratio with the )]TJ 0.009 Tw T* [(HKMA; )-0.6(cancell)1(ation would be by withdrawal )0.5(of such currency deposits. For details, )0.6(see )]TJ 0 Tw T* [(the authors\222)74.7( 2016 paper on the same subject.)]TJ -0.037 Tc 0.037 Tw 5.83 0 0 5.83 232.8147 244.4314 Tm (11)Tj 0.017 Tc 0.082 Tw 10 0 0 10 72.2835 224.7209 Tm [(De)0.5(l)0.5(i)0.5(nki)0.5(ng from)0.5( t)0.5(he)0.5( US dol)0.5(l)0.5(a)0.5(r a)0.5(nd l)0.5(i)0.5(nki)0.5(ng t)0.6(o a)0.5(n SDR ba)0.5(ske)0.5(t)0.6( woul)0.6(d be)0.5( a)0.5( drast)0.5(i)0.5(c)17.2( )]TJ -0.001 Tc 0 Tw -1.701 -1.5 Td [(\(\223nuclear\224\) move with very high threshold conditions. )17.9(The existing US dollar link works)-1.2( )]TJ 0.014 Tc 0.083 Tw T* [(well and is accepted both within Hong Kong and internationally)64.6(, although there are)14.2( )]TJ 0 Tc 0.033 Tw T* [(costs associated )0.9(with economic )1.1(volatility )1.4(and interest )0.9(rate )0.7(levels )0.7(inappropriate )1.2(for Hong )]TJ 0.046 Tw T* [(Kong\222)55(s stage )1(in )0.7(the )0.8(economic )1.4(cycle. )19.1(The )0.8(SDR is )0.6(not )0.7(a )0.7(currency)65.3(, )0.6(and )0.7(conversion )0.8(among )]TJ /C2_0 1 Tf 0 Tw T* [<0057004B00480003>-78.7<00BF005900480003>-78.9<00580051004700480055004F005C004C0051004A0003>-78.9<0046005800550055004800510046004C004800560003>-78.3<000B0052005100480003>-78.9<005200490003>-79<005A004B004C0046004B000F0003>-78.8<0057004B00480003>-78.7<003500300025000F0003>-79.1<004C00560003>-79<0051005200570003>-78.8<00480059004800510003>-78.7<0049005500480048004F005C0003>-78.5<0046005200510059004800550057004C0045004F0048000C0003>]TJ 0.007 Tc -0.007 Tw T* [<005A0052>0.6<0058>0.5<004F>0.7<0047>0.5<0003>-82<004C>0.7<0050>0.7<0053>0.5<0044>0.7<0046>0.6<0057>0.7<0003>-82<002B0052>0.5<0051>0.5<004A>0.5<0003>-82<002E0052>0.5<0051>0.5<004A>0.5<00B6>55.7<00560003>-82<004C>0.7<0051>0.5<0057>0.7<0048>0.7<0055>0.5<0051>0.5<0044>0.7<0057>0.6<004C>0.7<0052>0.6<0051>0.5<0044>0.6<004F>0.7<0003>-82<00BF0051>0.5<0044>0.7<0051>0.5<0046>0.7<004C>0.7<0044>0.6<004F>0.7<0003>-82<0044>0.7<0051>0.5<0047>0.5<0003>-81.9<0057>0.6<0055>0.5<0044>0.7<0047>0.5<0048>0.7<0003>-82<0044>0.7<0046>0.7<0057>0.7<004C>0.6<0059>0.6<004C>0.6<0057>0.7<004C>0.7<0048>0.7<0056000F>0.6<0003>-82<0044>0.6<004F>0.7<0057>0.7<004B>0.5<0052>0.5<0058>0.6<004A>0.5<004B>0.5<0003>-82<0050>0.7<0052>0.5<00560057>7.1<0003>]TJ /TT1 1 Tf 0.011 Tc 0.083 Tw T* [(of )0.5(these )0.5(activities )0.5(are )0.5(conducted )0.5(in )0.5(US )0.5(dollars. Nonetheless, )0.5(as )0.5(discussed )0.5(above, )0.5(the)11.2( )]TJ 0 Tc 0.05 Tw T* [(linkage )0.7(to the US dollar )0.5(leaves )0.5(Hong Kong exposed, while the RMB is not likely )0.7(to be )]TJ 0.009 Tw T* [(a )0.5(viable )0.7(option )0.7(\(on account )1(of its )0.6(convertibility )1.7(restrictions\) )0.9(for the )0.7(foreseeable )1.1(future. )0.7(If )]TJ ET 0 0 0 1 K 0.5 w q 1 0 0 1 55.2756 72.9449 cm 0 0 m 119.055 0 l S Q BT /TT1 1 Tf -0.037 Tc 0.037 Tw 4.664 0 0 4.664 55.2756 60.3956 Tm (11)Tj 0 Tc 0 Tw 8 0 0 8 59.7665 56.6272 Tm (See Harrison and Geng \(2016\).)Tj ET endstream endobj 41 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (57)Tj 0 0 0 1 k /GS1 gs /C2_0 1 Tf 10 0 0 10 72.2835 599.7166 Tm <000B0014000C00030036005800530053005200550057004C0051004A00030057004B004800030027004800590048004F0052005300500048005100570003005200490003004400510003002C0051005700480055005100440057004C005200510044004F00030036005300480046004C0044004F0003002700550044005A004C0051004A00030035004C004A004B0057005600030028004600520056005C0056005700480050>Tj /TT1 1 Tf 0.026 Tc 0.082 Tw 0 -1.5 TD [(T)0.5(hi)0.6(s woul)0.6(d be)0.5( t)0.5(he)0.5( ke)0.5(y va)0.5(l)0.5(ue)0.5( t)0.5(ha)0.6(t)0.5( Hong Kong c)0.5(oul)0.5(d a)0.5(dd t)0.6(o t)0.6(he)0.5( SDR e)0.6(nha)0.6(nc)0.6(e)0.5(m)0.5(e)0.6(nt)26.2( )]TJ /C2_1 1 Tf 0 Tc 0 Tw 0 -1.5 TD [<005600570055004400570048004A005C>65.1<00110003>18.1<003A>40.3<004C0057004B0003004C00570056000300BF0051004400510046004C0044004F0003004E00510052005A0010004B0052005A>64.9<000F0003004C005700560003004C0051005700480055005100440057004C005200510044004F0003005100480057005A00520055004E000F00030044005100470003004C0057005600030048005B005300480055004C004800510046004800030044005600030057004B00480003>]TJ 0.003 Tc -0.003 Tw T* [<00500044004C00510003>-82.4<0046004B0044005100510048004F0003>-82.4<0049005200550003>-82.3<0035003000250003>-82.4<004C0051005700480055005100440057004C005200510044004F004C005D00440057004C005200510003>-82.3<000B0044004600460052005800510057004C0051004A0003>-82.4<0049005200550003>-82.3<001A00190003>-82.4<00530048005500460048005100570003>-82.3<005200490003>-82.3<0035003000250003>-82.4<004600550052005600560010>]TJ 0 Tc 0 Tw T* [<0045005200550047004800550003>-6.4<00530044005C005000480051005700560003>-6.1<004C00510003>-6.4<001500130014001A000C000F0003>-6.5<002B00520051004A0003>-6.7<002E00520051004A0003>-6.8<005A00520058004F00470003>-6.5<004500480003>-6.4<005A0048004F004F00100053004F00440046004800470003>-5.6<005700520003>-6.4<00560058005300530052005500570003>-6.5<00530055005200500058004F004A00440057004C005200510003>-5.8<005200490003>]TJ /TT1 1 Tf T* (the Chinese mainland-led SDR development.)Tj 0.021 Tc 0.083 Tw 1.701 -1.5 Td [(The main role would be played by Hong Kong-based private sector banks an\ d)21( )]TJ 0.03 Tc 0.082 Tw -1.701 -1.5 Td [(fi)0.7(na)0.6(n)0.5(c)0.6(i)0.6(a)0.6(l)0.6( i)0.6(nst)0.6(i)0.6(t)0.7(ut)0.6(i)0.7(on)0.5(s a)0.6(nd)0.5( se)0.6(r)0.5(vi)0.6(c)0.6(e)0.6( pr)0.5(ov)0.5(i)0.6(d)0.5(e)0.6(rs, whi)0.6(c)0.6(h)0.5( wo)0.5(ul)0.6(d)0.5( r)0.5(e)0.6(spo)0.5(nd)0.5( t)0.6(o)0.5( t)0.7(he)0.6( b)0.5(u)0.5(si)0.7(ne)0.6(ss)29.8( )]TJ 0.007 Tc T* [(opport)0.6(uni)0.5(t)0.6(i)0.5(e)0.5(s pre)0.5(se)0.5(nt)0.6(e)0.5(d by t)0.6(he)0.6( Chi)0.5(ne)0.5(se)0.5( m)0.5(a)0.6(i)0.5(nl)0.5(a)0.5(nd\222)55.6(s SDR de)0.5(ve)0.5(l)0.5(opm)0.5(e)0.5(nt)0.5( dri)0.5(ve)0.5(. Re)0.6(l)0.5(e)0.5(va)0.5(nt)7.1( )]TJ 0.001 Tc T* [(Hong Kong parties coul)0.5(d help create)0.5( SDR product)0.5(s, ha)0.5(ndle SDR bond issues, provide)1.1( )]TJ 0.029 Tc T* [(l)0.6(e)0.7(ga)0.7(l)0.6(,)0.5( a)0.6(c)0.6(c)0.6(o)0.5(u)0.5(nt)0.7(i)0.6(n)0.5(g)0.5( a)0.6(n)0.5(d o)0.5(t)0.6(h)0.5(e)0.6(r)0.5( bu)0.5(si)0.7(ne)0.7(ss se)0.6(r)0.5(vi)0.7(c)0.6(e)0.6(s,)0.5( a)0.6(n)0.5(d)0.5(, i)0.6(f)0.5( p)0.5(ossi)0.6(b)0.5(l)0.6(e)0.6( l)0.7(i)0.6(st)0.6( a)0.6(n)0.5(d)0.5( t)0.6(r)0.5(a)0.6(d)0.5(e)0.6( SDR)29( )]TJ 0 Tc 0.072 Tw T* [(instruments on HKEX, )-0.6(and trade and settle them through the Stock Connect and Bond )]TJ 0.025 Tc 0.082 Tw T* [(C)0.5(o)0.6(n)0.5(n)0.5(e)0.7(c)0.7(t)0.7( p)0.5(l)0.7(a)0.7(t)0.7(f)0.5(o)0.5(r)0.6(m)0.6(s.)0.6( )18.1(T)0.6(h)0.6(e)0.6( Ho)0.6(n)0.5(g)0.5( Ko)0.5(n)0.5(g)0.6( a)0.7(u)0.5(t)0.7(h)0.5(o)0.6(r)0.5(i)0.7(t)0.7(i)0.7(e)0.6(s wo)0.5(u)0.5(l)0.8(d)0.5( p)0.5(r)0.5(o)0.6(m)0.7(o)0.5(t)0.7(e)0.7( a)0.7(n)0.5(d)0.5( f)0.5(a)0.7(c)0.6(i)0.7(l)0.7(i)0.7(t)0.7(a)0.7(t)0.7(e)0.7( su)0.5(c)0.7(h)25( )]TJ 0.019 Tc T* [(r)0.5(e)0.6(sp)0.5(o)0.5(nse)0.6(,)0.5( c)0.6(o)0.5(nsi)0.6(d)0.5(e)0.6(r)0.5(i)0.6(n)0.5(g)0.5(,)0.5( f)0.5(o)0.5(r e)0.6(x)0.5(a)0.7(m)0.6(p)0.5(l)0.6(e)0.7(, a)0.6(n)0.5(y)0.5( re)0.7(gu)0.5(l)0.7(a)0.6(t)0.6(o)0.5(r)0.5(y)0.5( c)0.7(ha)0.7(n)0.5(ge)0.7(s ne)0.7(e)0.6(d)0.5(e)0.6(d)0.5( \(e)0.7(.g)0.5(.)0.5( t)0.6(o)0.5( re)0.7(m)0.6(o)0.5(v)0.5(e)19.1( )]TJ 0 Tc 0 Tw T* (unwarranted regulatory barriers\). )Tj /C2_1 1 Tf 1.701 -1.5 Td [<00320057004B004800550003>-64.6<0056005300480046004C00BF00460003>-64.5<004C0051004C0057004C00440057004C0059004800560003>-63.7<0057004B00480003>-64.4<002B00520051004A0003>-65<002E00520051004A0003>-65<004400580057004B00520055004C0057004C004800560003>-64<00500044005C0003>-64.4<0046005200510056004C0047004800550003>-64.5<0044005500480003>-64.5<00560058004A004A004800560057004800470003>-64.7<004400560003>]TJ /TT1 1 Tf -1.701 -1.5 Td (follows:)Tj /TT2 1 Tf 0.007 Tc -0.007 Tw 1.701 -1.5 Td (1 )Tj /TT1 1 Tf 0.082 Tw 0.846 0 Td [(L)0.5(inkage)0.5( wi)0.5(t)0.5(h the Chi)0.5(ne)0.5(se)0.5( m)0.5(ai)0.5(nl)0.5(and banki)0.5(ng syst)0.5(e)0.5(m. )17.9(T)0.5(he e)0.5(xi)0.5(st)0.5(i)0.5(ng l)0.5(ink wi)0.5(t)0.5(h t)0.5(he)7.2( )]TJ 0.004 Tc 0.083 Tw -2.547 -1.5 Td [(PBO)-0.6(C Shenzhen branch used for RM)-0.6(B trans)-0.6(actions)-0.6( may perhaps be utilized for S)-0.6(DR)4( )]TJ 0 Tc 0 Tw T* [(purposes as well, or a separate link created in the Chinese mainland\222\ )58.8(s free-trade zones. )]TJ /TT2 1 Tf 0.008 Tc -0.008 Tw 1.701 -1.5 Td (2 )Tj /TT1 1 Tf 0.082 Tw 0.848 0 Td [(Real time gross settlement \(R)60.2(TGS\) systems for all SDR-underlying currencies.)8( )]TJ 0.011 Tc 0.083 Tw -2.549 -1.5 Td [(The Hong Kong M)-0.6(onetary )55.3(Authority \(H)-0.6(KMA\) presently operates R)59.7(TG)-0.6(S systems)-0.6( for)11( )]TJ 0.016 Tc T* [(three of the five SDR currencies: the euro, the )0.5(US dollar and the RMB. Equivalent)16.1( )]TJ 0 Tc 0 Tw T* (arrangements could be established for Sterling and Japanese yen \(and/or\ any future SDR )Tj T* (currencies\).)Tj /Span<>> BDC ( )Tj EMC /TT2 1 Tf 1.701 -1.5 Td (3 )Tj /TT1 1 Tf 0.032 Tw 0.781 0 Td [(Issuance )1(of )0.5(SDR )0.5(bonds by )0.5(the )0.6(Hong )0.5(Kong Government. )0.9(Because )0.7(the )0.8(government )]TJ /C2_1 1 Tf 0 Tw -2.482 -1.5 Td [<00470052004800560003>-7.7<0051005200570003>-7.7<00510048004800470003>-7.5<0057004B00480003>-7.4<0050005200510048005C0003>-7.4<000B00450048004C0051004A0003>-7.4<004C00510003>-7.6<0053004800550056004C005600570048005100570003>-7.3<00BF005600460044004F0003>-7.5<0056005800550053004F005800560003>-7.9<0057004B004400570003>-7.3<004B004400560003>-7.7<004400460046005800500058004F00440057004800470003>-6.5<005700520003>-7.6<00500052005500480003>]TJ T* [<0057004B004400510003>-82.6<00150003>-82.5<005C00480044005500560003>-82.5<005200490003>-82.5<004C005700560003>-82.5<00BF005600460044004F0003>-82.5<00550048005900480051005800480056000C000F0003>-82.6<005600580046004B0003>-82.5<004C00560056005800440051004600480003>-82.5<005A00520058004F00470003>-82.5<004500480003>-82.5<005200490003>-82.5<004F004C0050004C0057004800470003>-82.5<0056004C005D00480003>-82.5<0044005100470003>-82.5<004F00440055>18<004A0048004F005C0003>]TJ /TT1 1 Tf 0.046 Tw T* [(symbolic )0.5(for facilitating )1.5(pricing)0.5( and provision of global )0.5(public )0.6(goods \(see HKIDB idea )]TJ /C2_1 1 Tf 0 Tw T* <0047004C0056004600580056005600480047000300450055004C004800C0005C000300440045005200590048000C0011>Tj /TT1 1 Tf 0.076 Tw 1.701 -1.5 Td [(Consideration )1.1(could )0.8(be )0.6(given )0.8(to )0.6(creating )1.2(tax )0.8(and )0.6(other )0.8(incentives )1.2(to )0.6(promote )1(SDR )]TJ 0.004 Tc 0.083 Tw -1.701 -1.5 Td [(us)-0.6(e on the grounds of contributing to global public goods, although incent\ ives do not)4.2( )]TJ 0 Tc 0 Tw T* [(mesh well with Hong Kong\222)55.5(s free market ethos and can cause some distortions.)]TJ /C2_0 1 Tf 0 -3 TD <000B0015000C0003002800100036002700350003002C0051004C0057004C00440057004C00590048>Tj /TT1 1 Tf -0.005 Tc 0.083 Tw 0 -1.5 TD (There may be opportunity for a \223bottom-up\224 SDR initiative to be ta\ ken by Hong Kong )Tj 0.016 Tw 0 -1.5 TD [(to complement \223top-down\224 SDR actions by the Chinese authorities. )17.8(The idea is for Hong )]TJ ET endstream endobj 32 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (56)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 10 0 0 10 72.2835 599.7166 Tm (2 )Tj /TT2 1 Tf 0.75 0 Td (SDR lending by the foregoing institutions.)Tj /TT1 1 Tf -0.75 -1.5 Td (3 )Tj /TT2 1 Tf 0.75 0 Td (Allowing overseas issuers to issue SDR bonds in the Chinese mainland.)Tj /TT1 1 Tf -0.75 -1.5 Td (4 )Tj /TT2 1 Tf 0.083 Tw 0.833 0 Td [(Investment in SD)-0.6(R assets by the sovereign wealth fund CIC and other state and )]TJ 0 Tw -2.534 -1.5 Td (private institutions, and enterprises and retail investors.)Tj /TT1 1 Tf 1.701 -1.5 Td (5 )Tj /TT2 1 Tf 0.047 Tw 0.797 0 Td [(Allowing holding of SDR )-0.8(deposits by Chinese individuals and enterprises \(as for )]TJ 0 Tw -2.498 -1.5 Td (US dollars at present\).)Tj /TT1 1 Tf 1.701 -1.5 Td (6 )Tj /TT2 1 Tf 0.75 0 Td (Incorporation of SDR-based transactions in the Belt and Road countries.)Tj /TT1 1 Tf 0.012 Tc -0.012 Tw -0.75 -1.5 Td (7 )Tj /TT2 1 Tf 0.083 Tw 0.857 0 Td [(Consideration of allowing foreign \(as well as domestic\) enterprises to\ list and)12( )]TJ 0 Tc 0 Tw -2.558 -1.5 Td (trade on the Shanghai and Shenzhen stock exchanges in SDR.)Tj /TT1 1 Tf 0.004 Tc -0.004 Tw 1.701 -1.5 Td (8 )Tj /TT2 1 Tf 0.082 Tw 0.84 0 Td [(Establishment of infrastructure within the Chinese mainland for conversi\ on and)4( )]TJ 0 Tc 0 Tw -2.541 -1.5 Td (settlement among the currencies concerned.)Tj /TT1 1 Tf 0.016 Tc -0.016 Tw 1.701 -1.5 Td [(9)0.5( )]TJ /TT2 1 Tf 0.082 Tw 0.864 0 Td [(L)0.6(a)0.6(u)0.5(nc)0.6(h)0.5( of)0.5( SDR)0.5( f)0.5(ut)0.7(ur)0.5(e)0.6(s c)0.6(o)0.5(n)0.5(t)0.6(ra)0.6(c)0.6(t)0.7(s \()0.5(c)0.6(ur)0.5(re)0.6(n)0.5(c)0.6(y)0.5( a)0.6(n)0.5(d i)0.6(n)0.5(t)0.6(e)0.6(r)0.5(e)0.6(st)0.6( r)0.5(a)0.6(t)0.6(e)0.6(s\))0.5( o)0.5(n)0.5( t)0.6(h)0.5(e)0.6( Ch)0.5(i)0.6(n)0.5(e)0.6(se)16.2( )]TJ 0 Tc 0 Tw -2.564 -1.5 Td (mainland Financial Futures Exchange.)Tj /TT1 1 Tf 1.701 -1.5 Td (10 )Tj /TT2 1 Tf 0.071 Tw 1.321 0 Td [(Allowing free circulation )0.9(of SDR within free trade zones and special )0.6(economic )]TJ /C2_0 1 Tf -0.001 Tc 0.001 Tw -3.022 -1.5 Td [<005D>0.5<005200510048>0.5<0056000F000300530044>0.5<00550057>0.5<004C>0.6<0046>0.5<0058004F>0.5<0044>0.6<0055004F>0.6<005C0003004C>0.6<005100030057>0.6<004B0048>0.5<0003002A00580044>0.5<0051004A004700520051004A00B1002B00520051004A0003002E00520051004A00B100300044>0.5<0046>0.6<0044>0.5<00580003002A00550048>0.6<0044>0.5<0057>0.6<0048>0.5<0055000300250044>0.6<005C0003>55.6<002400550048>0.5<0044>0.5<00030044>0.6<005100470003002B0044>0.5<004C>0.6<00510044>0.5<00510011>]TJ /TT1 1 Tf -0.021 Tc 0.021 Tw 1.701 -1.5 Td [(11)-54.8( )]TJ /TT2 1 Tf 0.034 Tc 0.082 Tw 1.379 0 Td [(Establishment of linkage with Hong Kong \(along the lines of the linkage\ )34.1( )]TJ 0 Tc 0 Tw -3.08 -1.5 Td (supporting RMB transactions for RMB internationalization\).)Tj 0.021 Tw 1.701 -1.5 Td [(Communication )1.1(and promotiona)0.7(l ef)18.2(forts would be needed to explain )0.5(the reasons for )]TJ 0.038 Tw -1.701 -1.5 Td [(the )0.6(SDR initiative, )1.7(and )0.5(to )0.5(encourage )0.6(other )0.6(states )0.7(and parties )0.8(to )0.5(participate. )19.7(The )0.6(Chinese )]TJ 0.078 Tw 0 -1.5 TD [(mainland )1(could )0.5(use its soft power to promote )0.7(the )0.5(use of SDRs, enhancing )0.8(its role as a )]TJ /C2_0 1 Tf 0 Tw T* <0055004800560053005200510056004C0045004F00480003005600570044004E0048004B0052004F0047004800550003004C005100030057004B00480003004A004F005200450044004F00030050005200510048005700440055005C0003004400510047000300BF0051004400510046004C0044004F00030048004600520056005C00560057004800500011>Tj /TT3 1 Tf 13.091 -3.228 Td [(3. )55.4(Actions by Hong Kong)]TJ /TT2 1 Tf 0.079 Tw -13.091 -1.473 Td [(As ar)18.2(gued )0.5(above, )0.7(Hong Kong is motivated )1.4(to )0.5(consider )0.7(the )0.7(SDR by virtue )0.8(of the )0.7(Hong )]TJ /C2_0 1 Tf 0 Tw T* [<002E00520051004A0003>-61.7<00470052004F004F00440055>-36.6<00B6>55.2<00560003>-61.7<004F004C0051004E0003>-61.1<005700520003>-61.3<0057004B00480003>-61.2<003800360003>-61.8<00470052004F004F00440055>40.5<000F0003>-61.5<0044005100470003>-61.3<004400560003>-61.5<00440003>-61.3<004F004800440047004C0051004A0003>-60.9<004C0051005700480055005100440057004C00520051>1<0044004F0003>-61.2<00BF0051004400510046004C0044004F0003>-60.8<0044005100470003>-61.4<0057005500440047004C0051004A0003>]TJ /TT2 1 Tf 0.078 Tw T* [(center)55.8(. )17.7(W)40.2(ith its RMB internatio)1(nalization )0.8(experience, )0.6(Hong Kong has the capability )0.8(to )]TJ 0 Tw T* (contribute. )Tj 1.701 -1.5 Td (It is suggested that the Hong Kong authorities consider actions along th\ ree lines:)Tj /TT1 1 Tf 0 -1.5 TD (1 )Tj /TT2 1 Tf 0.75 0 Td (Supporting the development of an international SDR ecosystem.)Tj /TT1 1 Tf -0.75 -1.5 Td (2 )Tj /TT2 1 Tf 0.75 0 Td [(Creating a cryptocurrency)66.5(, E-SDR, and promulgating its use.)]TJ /TT1 1 Tf -0.75 -1.5 Td (3 )Tj /TT2 1 Tf 0.75 0 Td (Eventual linkage of the Hong Kong dollar to the SDR.)Tj -0.75 -1.5 Td [(These strategies are considered in turn below)67.1(. )]TJ 0.016 Tc 0.082 Tw 0 -1.5 TD [(More)0.5( spe)0.5(cula)0.5(t)0.5(i)0.5(ve)0.5(l)0.5(y)65.2(, i)0.5(f Hong Kong were)0.5( t)0.5(o l)0.5(aunc)0.5(h a)0.5(n i)0.5(nt)0.5(e)0.5(rna)0.5(t)0.5(i)0.5(ona)0.5(l)0.5( devel)0.5(opm)0.5(ent)16.2( )]TJ 0.009 Tc -1.701 -1.5 Td [(b)0.5(a)0.6(nk)0.5(,)0.5( HKI)0.5(DB \(wh)0.5(i)0.6(c)0.6(h)0.5(,)0.5( i)0.6(t)0.7( i)0.7(s su)0.5(gg)0.5(e)0.6(st)0.7(e)0.6(d,)0.5( c)0.7(ou)0.5(l)0.6(d)0.5( h)0.5(e)0.6(l)0.6(p)0.5( m)0.6(e)0.6(e)0.6(t)0.7( e)0.6(x)0.5(i)0.6(st)0.6(i)0.7(ng)0.5( v)0.5(a)0.6(st)0.7( g)0.5(l)0.6(o)0.5(ba)0.6(l)0.7( n)0.5(e)0.6(e)0.6(d)0.5(s f)0.5(o)0.5(r)9( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<004C0051004900550044005600570055005800460057005800550048000F0003>-39.8<00480051004B00440051004600480003>-39.9<0057004B00480003>-40.2<0057004800550055004C005700520055005C00B6>55.8<00560003>-40.7<00530055005200BF004F00480003>-40.3<0044005100470003>-40.4<0056004800460058005500480003>-40.2<004C005700560003>-40.4<0049005800570058005500480003>-40.2<004600520050005300480057004C0057004C0059004800510048005600560003>-39.4<004400560003>-40.5<004400510003>]TJ T* [<004C0051005700480055005100440057004C005200510044004F0003>-70.2<00BF0051004400510046004C0044004F0003>-70.9<004600480051005700480055000C000F0003>-70.8<005600580046004B0003>-71.3<00440003>-71.4<004500440051004E0003>-71.3<004600520058004F00470003>-71.2<004500480003>-71.3<0049005800510047004800470003>-71.4<0056004C004A0051004C00BF0046004400510057004F005C0003>-70.8<0045005C0003>-71.5<0036002700350003>-71.8<00450052005100470003>]TJ /TT2 1 Tf T* (issuance.)Tj ET endstream endobj 21 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 22 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 23 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 24 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 25 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 98 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (55)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.002 Tw 10 0 0 10 72.2835 599.7209 Tm [(into the SDR, although unlikely)65.5(, would tend to put upward pressure on US interest rates, )]TJ /C2_0 1 Tf 0 Tw 0 -1.5 TD [<005A004C0057004B00030056004C004A0051004C00BF00460044005100570003004C0050005300440046005700030052005100030057004B00480003003800360003004800460052005100520050005C00030044005100470003005600520046004C00480057005C>67.5<00110003>]TJ /TT1 1 Tf 0.003 Tc 0.082 Tw 1.701 -1.5 Td [(A)55.2( number of emer)18.2(ging and developed economies \(in addition to Hong Kong\) peg)3( )]TJ 0 Tc 0.056 Tw -1.701 -1.5 Td [(their currencies to the US dollar to varying degrees. )18.2(This dollar bloc would be af)18.2(fected )]TJ 0.055 Tw T* [(by any shift into SDRs. Issuers and borrowers of international )1.2(debt denominated )0.9(in US )]TJ 0.012 Tw T* [(dollars )0.5(would also be impacted. )1.1(Over time, )0.9(the )0.5(Belt )0.7(and Road countries )0.5(might )0.7(prefer )0.5(the )]TJ 0 Tw T* [(SDR to the RMB and US dollar)55.5(.)]TJ /TT2 1 Tf 11 0 0 11 195.0208 476.5858 Tm [(V)91.8(. )55.5(Actions to Be )18.2(T)111(aken)]TJ 10 0 0 10 236.5563 445.4359 Tm (1. Overall)Tj /TT1 1 Tf 0.023 Tw -16.427 -1.473 Td [(While )0.5(it would be the Chinese mainland making the main substantive moves to de\ velop )]TJ 0.019 Tc 0.083 Tw T* [(the SDR, supportive actions or at least passive accommodation by other s\ tates and)19( )]TJ 0 Tc 0.011 Tw T* [(entities )0.7(would be needed for the Chinese mainland\222)56(s initiatives )1(to bear fruit. )18.3(There is the )]TJ -0.002 Tc 0 Tw T* [(potential for a \223rosy\224 scenario in which international players see\ the value in cooperating)-2( )]TJ /C2_0 1 Tf 0 Tc T* [<00520059004800550003>-50.7<00360027003500560003>-51<0044005100470003>-50.8<005A00520055004E0003>-51.1<00570052004A00480057004B004800550003>-50.2<005700520003>-50.9<004C0050005300550052005900480003>-50.4<0057004B00480003>-50.6<004C0051005700480055005100440057004C005200510044004F0003>-49.6<00BF0051004400510046004C0044004F0003>-50.2<004400550046004B004C00570048004600570058005500480003>-49.7<0049005200550003>-50.9<0057004B00480003>]TJ /TT1 1 Tf 0.009 Tc 0.082 Tw T* [(l)0.7(o)0.5(n)0.5(g)0.5(-t)0.7(e)0.7(rm)0.7( b)0.5(e)0.6(n)0.5(e)0.7(f)0.5(i)0.6(t)0.7( o)0.5(f)0.5( a)0.6(l)0.7(l)0.6(.)0.5( E)0.7(v)0.5(e)0.6(n)0.5( sho)0.5(r)0.5(t)0.7( o)0.5(f)0.5( t)0.6(h)0.5(i)0.7(s sc)0.6(e)0.6(n)0.5(a)0.7(r)0.5(i)0.6(o)0.5(,)0.5( u)0.5(n)0.5(i)0.7(l)0.6(a)0.7(t)0.6(e)0.7(r)0.5(a)0.6(l)0.7( a)0.6(c)0.7(t)0.6(i)0.7(o)0.5(n)0.5( b)0.5(y)0.5( t)0.6(h)0.5(e)0.7( C)0.5(h)0.5(i)0.6(n)0.5(e)0.7(se)9.2( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<00500044004C0051004F0044005100470003>-68.6<0044005100470003>-69.2<004C005700560003>-69.2<005300440055005700510048005500560003>-69.1<000B00440003>-69.2<00B3004600520044004F004C0057004C005200510003>-68.2<005200490003>-69.4<0057004B00480003>-69.1<005A004C004F004F004C0051004A00B40003>-68.7<005600460048005100440055004C0052000C>0.5<0003>-69.4<004600520058004F00470003>-69.1<00500044004E00480003>-68.9<0056004C004A0051004C00BF00460044005100570003>]TJ /TT1 1 Tf 0.025 Tc 0.083 Tw T* [(progres)-0.6(s)-0.7(, w)-0.6(hich might, in turn, s)-0.6(et the s)-0.6(tage for more favorable development in a)25.1( )]TJ 0 Tc 0 Tw T* (subsequent round.)Tj /TT2 1 Tf 10.757 -3.228 Td [(2. )55.4(Actions by the Chinese mainland)]TJ /TT1 1 Tf -10.757 -1.473 Td (The Chinese mainland would make the main substantive moves to develop th\ e SDR. )Tj 0.009 Tc 0.082 Tw 1.701 -1.5 Td [(The Chinese mainland institutions, corporations and retail investors not\ yet fully)9( )]TJ 0 Tc 0.074 Tw -1.701 -1.5 Td [(able )0.8(\(because )0.8(of exchange )1(controls\) )0.7(to )0.5(access )0.7(international )1.6(currency )0.8(on an )0.5(unrestricted )]TJ 0.026 Tc 0.082 Tw T* [(basis woul)0.5(d be the st)0.5(andard-beare)0.5(rs of SDR devel)0.5(opment. It i)0.5(s suggested that the)26.1( )]TJ -0.002 Tc 0 Tw T* [(Chinese authorities add an SDR component to the regime of quotas and rul\ es that govern)-2( )]TJ 0 Tc 0.045 Tw T* [(the use of intern)0.5(ational )0.5(currency by Chinese mainland )0.5(parties. Institutions approved for )]TJ 0.007 Tc 0.083 Tw T* [(making an international )0.5(currency )0.5(bond issue could be encouraged )0.5(to include )0.5(an )0.5(SDR)7( )]TJ 0.004 Tc T* [(tranche; )0.5(institutions )0.5(investing )0.6(overseas )0.5(could )0.6(be )0.5(encouraged )0.5(to )0.5(hold )0.6(a )0.5(portion )0.5(of )0.5(their)3.9( )]TJ 0 Tc 0.01 Tw T* [(funds in SDR assets. )18.4(The )0.7(rules )0.5(could )0.5(provide )0.7(incentives )1.1(rather )0.8(than )0.7(merely )1(compel )1(SDR )]TJ 0.001 Tc 0.083 Tw T* [(us)-0.6(age: for example, an additional quota could be provided for S)-0.6(D)-0.6(R trans)-0.6(actions)-0.6(. S)-0.6(D)-0.6(R)1( )]TJ 0 Tc 0 Tw T* [(usage would become a new incremental )0.9(phase of the Chinese mainland\222)55.6(s capital )0.8(account )]TJ T* (opening.)Tj 1.701 -1.5 Td (Supportive actions by the Chinese government could include:)Tj /TT3 1 Tf 0 -1.5 TD (1 )Tj /TT1 1 Tf 0.015 Tw 0.765 0 Td [(Issuance of SDR bonds by the PBOC and China Development )0.8(Bank, and by other )]TJ 0 Tw -2.466 -1.5 Td (banks and corporates, both internationally and within the Chinese mainla\ nd.)Tj ET endstream endobj 97 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (54)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.014 Tc 0.083 Tw 10 0 0 10 55.2756 599.7209 Tm [(from, )0.6(the )0.6(growth )0.5(of )0.5(the )0.6(more )0.5(Chinese )0.5(mainland-orientated )0.5(SDR )0.6(ecosystem )0.5(than )0.5(the)14.2( )]TJ 0 Tc 0 Tw 0 -1.5 TD [(current US dollar ecosystem referred to in Subsection IV)130.9(.1 above.)]TJ 0.039 Tc 0.082 Tw 1.701 -1.5 Td [(Overall, Hong Kong has strong reasons to consider a role for itself in S\ DR)39( )]TJ 0.021 Tc -1.701 -1.5 Td [(enhancement. )54.9(A)55.1( proactive approach to this issue now could turn it from a pending)21( )]TJ 0 Tc 0.081 Tw T* [(\(indeed, a current\) problem for Hong Kong into an opportunity)0.5( for securing its role in )]TJ /C2_0 1 Tf 0 Tw T* <0049005800570058005500480003004C0051005700480055005100440057004C005200510044004F00030050005200510048005700440055005C0003004400510047000300BF0051004400510046004C0044004F00030056005C005600570048005000560011>Tj /TT2 1 Tf 13.703 -3.228 Td (3. Other Stakeholders)Tj /TT1 1 Tf 0.045 Tw -13.703 -1.473 Td [(As discussed in )0.7(Section )1(III )0.5(above, )0.7(the )0.8(IMF is )0.6(favorably )1(disposed )0.5(to )0.7(SDR enhancement. )]TJ /C2_0 1 Tf -0.001 Tc 0.001 Tw T* <002C00570003004600440051005100520057000300570044004E0048000300560058004500560057004400510057004C0044004F0003004400460057004C005200510003005A004C0057004B00520058005700030057004B00480003005900520057004800560003005200490003004C0057005600030050004800500045>Tj [<004800550056000F0003005A004B004C0046004B000300500044005C00030045004800030047004C004900BF00460058004F0057>-0.8<0003>]TJ /TT1 1 Tf 0.021 Tc 0.083 Tw T* [(to obtain; however)39.8(, it may be able to of)17.9(fer some accommodative action and moral)21.1( )]TJ 0 Tc 0 Tw T* (support in the initial stages.)Tj /C2_0 1 Tf 1.701 -1.5 Td [<0037004B00480003>-3.6<00280038000F0003>-3.9<002D00440053004400510003>-3.7<0044005100470003>-3.9<00250055004C00570044004C00510003>-3.2<005A00520058004F00470003>-3.9<004500480051004800BF00570003>-3.6<00490055005200500003>-3.7<0036002700350003>-4.2<0047004800590048004F0052005300500048005100570003>-3<004400560003>-3.9<0057004B0048004C00550003>-3.4<0046005800550055004800510046004C004800560003>]TJ /TT1 1 Tf 0.024 Tc 0.082 Tw -1.701 -1.5 Td [(c)0.5(onst)0.5(i)0.5(t)0.6(ut)0.6(e)0.5( a)0.5( l)0.5(a)0.5(r)18.4(ge)0.5(r proport)0.5(i)0.6(on of t)0.5(he)0.5( SDR t)0.6(ha)0.5(n t)0.5(he)0.5(y pre)0.5(se)0.5(nt)0.5(l)0.6(y do of gl)0.5(oba)0.5(l)0.5( fore)0.5(i)0.5(gn)24( )]TJ 0.01 Tc T* [(exchange reserves. )17.6(The euro\222)55.3(s present share of global forex reserves is 20.4 percent,)10( )]TJ 0 Tc 0.073 Tw T* [(compared )1.1(with )0.6(its )0.5(30.93 percen)0.5(t )0.5(share )0.6(in )0.6(the )0.8(SDR; the )0.7(Japanese )0.8(yen\222)55.3(s present )0.7(reserves )]TJ 0.014 Tc 0.083 Tw T* [(share )0.5(is )0.5(4.5 )0.5(percent )0.5(compared )0.5(with )0.5(its )0.5(8.09-percent )0.5(SDR )0.5(share, )0.5(while )0.5(sterling )0.5(has )0.5(a)14.2( )]TJ 0 Tc 0.026 Tw T* [(4.5-percent )1.1(reserves )0.5(share )0.6(compared )0.8(with )0.7(a )0.7(10.92-percent )1.1(SDR share.)]TJ 0 Tw 5.83 0 0 5.83 336.3721 347.4236 Tm (9)Tj 0.007 Tw 10 0 0 10 339.287 342.7131 Tm [( The )-18.2(composition )]TJ 0 Tw -28.401 -1.5 Td [(of the SDR may)65.3(, of course, change in future, but this is a favorable starting point.)]TJ 0.016 Tc 0.083 Tw 1.701 -1.5 Td [(The USA)55( )0.5(is the )0.5(most )0.5(important )0.5(stakeholder)55.1(. )18.6(The )0.5(US )0.5(currency)64.9(, )0.5(the )0.5(dollar)40(, )0.5(is )0.5(the)16.1( )]TJ /C2_0 1 Tf 0 Tc 0 Tw -1.701 -1.5 Td [<004F004800440047004C0051004A0003>-56.4<0046005200500053005200510048005100570003>-56.5<005200490003>-57.1<0057004B00480003>-56.8<003600270035000F0003>-57.4<005A004C0057004B0003>-56.9<001700140011001A00160003>-57.1<00530048005500460048005100570003>-56.5<005200490003>-57.1<0057004B00480003>-56.7<0057005200570044004F000F>0.6<0003>-57.1<0045005800570003>-56.9<0057004B004C00560003>-56.9<004C00560003>-57.1<00560058004500560057004400510057004C0044004F004F005C0003>]TJ /TT1 1 Tf T* [(l)0.5(ower t)0.5(ha)0.5(n i)0.5(t)0.5(s 63.5-pe)0.5(rc)0.5(e)0.5(nt)0.5( share of forei)0.5(gn exchange rese)0.5(rve)0.5(s.)]TJ 5.83 0 0 5.83 306.0801 287.4236 Tm (10)Tj /C2_0 1 Tf 10 0 0 10 311.9064 282.7131 Tm [<0003>55.5<00240057>0.5<000300BF005500560057>0.5<0003004A004F>0.5<0044>0.5<00510046>0.5<0048000F00030057>0.5<004B0048>0.5<0003003800360024>55<0003>]TJ /TT1 1 Tf 0.006 Tc 0.082 Tw -25.663 -1.5 Td [(would be the loser in any lar)18.3(ge-scale shift to the SDR. However)40.2(, as discussed above,)6( )]TJ 0.001 Tc 0.083 Tw T* [(the role of is)-0.6(s)-0.6(uer of the de facto global currency is)-0.6( not an entirely healthy one for the)1.1( )]TJ 0 Tc 0.062 Tw T* [(USA)54.7( itself. )55.4(Ar)17.9(guably)65.3(, SDR enhancement )0.8(would help the USA)54.7( confront a problem )0.5(\(that )]TJ 0.026 Tw T* [(of prolonged )0.5(and deepening )]TJ /C2_1 1 Tf 0 Tw 11.544 -0 Td <00BF005600460044004F0003>Tj /C2_0 1 Tf 2.387 0 Td [<0047004800BF0046004C00570056000C0003>-25.5<0057004B004400570003>-25.2<004C00570003>-25.5<004B004400560003>-25.8<0051005200570003>-25.6<0053005500520059004800470003>-25.8<00440045004F00480003>-25.3<005700520003>-25.6<005700440046004E004F00480003>-25<0045005C0003>-25.8<004C005700560048004F0049000F0003>]TJ /TT1 1 Tf 0.008 Tc 0.083 Tw -13.931 -1.5 Td [(and potentially avert a major crisis. In addition, the USA)54.8( would benefit from a more)8.2( )]TJ 0 Tc 0 Tw T* (balanced global monetary system. )Tj 0.028 Tc 0.083 Tw 1.701 -1.5 Td [(A)55( )0.5(gradual reduction of )0.5(the )0.5(US )0.5(dollar)-37.2(\222)55.2(s )0.5(share )0.5(in )0.5(the )0.5(Chinese )0.5(mainland\222)55.2(s )0.5(forex)28( )]TJ 0 Tc 0.032 Tw -1.701 -1.5 Td [(reserves from )0.5(the )0.6(present )0.6(60 percent )0.8(to )0.5(the )0.6(42 percent )0.9(mandated)0.8( by the )0.6(SDR proportion )]TJ 0.004 Tc 0.083 Tw T* [(would be preferable to the shock of a sudden sell-of)17.8(f of US )18.2(T)35.1(reasuries if the Chinese)4.1( )]TJ 0.028 Tc 0.082 Tw T* [(mainland chose to make such a \223warlike\224 move \(although this is un\ likely\). More)28.1( )]TJ 0 Tc 0.011 Tw T* [(fundamentally)66.1(, the )0.5(Chinese )0.7(mainland\222)55.5(s use and )0.5(promotion )0.8(of SDR would be )0.5(\223friendlier\224 )]TJ 0.033 Tw T* [(than its present use and promotion of RMB. Nonetheless, a lar)18.3(ge-scale )0.5(and sudden shift )]TJ ET 0 0 0 1 K 0.5 w q 1 0 0 1 55.2756 84.9449 cm 0 0 m 119.055 0 l S Q BT /TT1 1 Tf 0 Tw 4.664 0 0 4.664 55.2756 73.3956 Tm (9)Tj 8 0 0 8 57.6076 69.6272 Tm (Source: IMF data.on )Tj 10 0 0 10 125.5959 68.9651 Tm (\223)Tj /C2_0 1 Tf 8 0 0 8 130.0344 69.6272 Tm <0046005800550055004800510046005C0003004600520050005300520056004C0057004C0052005100030052004900030052004900BF0046004C0044004F00030049005200550048004C004A005100030046005800550055004800510046005C0003004400560056004800570056>Tj /TT1 1 Tf 10 0 0 10 308.6398 68.9651 Tm (\224)Tj 8 0 0 8 313.0783 69.6272 Tm ( and IMF factsheet on SDR.)Tj 4.664 0 0 4.664 55.2756 61.3956 Tm (10)Tj 8 0 0 8 59.9396 57.6272 Tm (Source: IMF data.on )Tj 10 0 0 10 127.9279 56.9651 Tm (\223)Tj /C2_0 1 Tf 8 0 0 8 132.3664 57.6272 Tm <0046005800550055004800510046005C0003004600520050005300520056004C0057004C0052005100030052004900030052004900BF0046004C0044004F00030049005200550048004C004A005100030046005800550055004800510046005C00030044005600560048005700560011>Tj /TT1 1 Tf 10 0 0 10 312.9718 56.9651 Tm (\224)Tj ET endstream endobj 96 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (53)Tj 0 0 0 1 k /GS1 gs /C2_0 1 Tf 10 0 0 10 89.2913 599.7209 Tm [<00320059004800550044004F004F000F0003>-39.6<004C00570003>-39.7<00440053005300480044005500560003>-40.2<0057004B004400570003>-39.6<0057004B00480003>-39.7<0026004B004C00510048005600480003>-39.8<00500044004C0051004F0044005100470003>-39.2<005A00520058004F00470003>-40.1<004500480051004800BF00570003>-39.8<00490055005200500003>-40.1<0044005100470003>-39.9<004500480003>-39.9<00460044005300440045004F00480003>-39.3<005200490003>]TJ /TT1 1 Tf -1.701 -1.5 Td (supporting SDR development.)Tj /TT2 1 Tf 15.509 -3.228 Td (2. Hong Kong)Tj /TT1 1 Tf 0.016 Tc 0.082 Tw -15.509 -1.473 Td [(Hong Kong woul)0.6(d a)0.6(l)0.6(so be)0.5(n)0.5(e)0.5(fi)0.6(t)0.6( from)0.6( a)0.6(nd be)0.5( c)0.5(a)0.6(pa)0.6(bl)0.6(e)0.6( of uni)0.6(l)0.6(a)0.6(t)0.6(e)0.5(ra)0.6(l)0.6( a)0.6(c)0.5(t)0.6(i)0.6(on t)0.5(o)0.5( prom)0.6(ot)0.6(e)16.2( )]TJ 0 Tc 0 Tw 0 -1.5 TD (usage of SDRs. )Tj /C2_0 1 Tf 1.701 -1.5 Td [<002400560003>-72.6<00470048005600460055004C0045004800470003>-72<004C00510003>-72.1<0036004800460057004C005200510003>-71.8<002C002C0003>-72.3<00440045005200590048000F0003>-72.2<0057004B00480003>-72<0053005200560057001000250055004800570057005200510003>-53.7<003A>80.2<00520052004700560003>-72.4<0048005500440003>-72<005200490003>-72.3<00C0005200440057004C0051004A0003>-72<0048005B0046004B00440051004A00480003>]TJ /TT1 1 Tf 0.079 Tw -1.701 -1.5 Td [(rates )0.6(has been )0.5(characterized )1.5(by recurrent )0.9(crises and chronic )0.7(imbalances )0.9(among )0.6(trading )]TJ 0.015 Tc 0.083 Tw T* [(nations, )0.5(which, )0.5(in )0.5(turn, )0.5(lead )0.5(to )0.5(recessions )0.6(and )0.6(geopolitical )0.6(tension. )0.5(Hong )0.6(Kong )0.5(had)15( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<004C00570056>-0.6<0003>-82.9<0052005A>-0.6<00510003>-82.9<0050005200510048005700440055005C0003>-82.9<00460055004C0056>-0.6<00480056>-0.6<0003>-82.9<004C00510003>-82.9<0057004B00480003>-82.9<0014001C001A00130056>-0.6<0003>-82.9<0044005100470003>-83<004800440055004F005C0003>-82.9<0014001C001B00130056>-0.6<000F0003>-82.9<0045005800570003>-83<0056>-0.6<004C0051004600480003>-82.9<00440047005200530057004C005200510003>-82.9<004C00510003>-82.9<0014001C001B00160003>-82.9<005200490003>-82.9<00440003>]TJ T* [<005000520047004C00BF004800470003>-82.8<0046005800550055004800510046005C0003>-82.8<004500520044005500470003>-82.8<005000480046004B00440051004C005600500003>-82.7<004F004C0051004E004C0051004A0003>-82.7<0057004B00480003>-82.7<002B00520051004A0003>-82.7<002E00520051004A0003>-82.7<00470052004F004F004400550003>-82.7<005700520003>-82.7<0057004B00480003>-82.7<003800360003>-82.7<00470052004F004F00440055>39.8<000F0003>-82.7<004C00570003>]TJ T* [<004B004400560003>-54.7<00480051004D0052005C004800470003>-54.3<00BF0051004400510046004C0044004F0003>-54.1<0056005C00560057004800500003>-54.5<0056005700440045004C004F004C0057005C>65.7<00110003>-54.7<002B0052005A0048005900480055>40<000F0003>-54.7<0056005C0056005700480050004C00460003>-54.2<0056005700440045004C004F>0.5<004C0057005C0003>-54.4<004B004400560003>-54.8<00460052005000480003>-54.2<004400570003>-54.4<0057004B00480003>-54.4<00460052005600570003>]TJ /TT1 1 Tf 0.048 Tw T* [(of considerable )0.7(economic )0.9(volati)0.6(lity )0.6(and, in recent )0.7(years, social )0.6(tensions associated )0.7(with )]TJ 0.063 Tw T* [(a widening wealth )0.5(gap have been closely )0.5(related )0.8(to low interes)0.5(t rates. Even on a status )]TJ 0.068 Tw T* [(quo basis, Hong Kong has an interest in potential )0.8(reform of the international )1.1(monetary )]TJ 0 Tw T* [(architecture that would yield greater stability)68.6(.)]TJ 0.005 Tc 0.082 Tw 1.701 -1.5 Td [(A)55.3( se)0.5(c)0.5(ond re)0.5(ason for Hong Kong t)0.5(o foc)0.5(us on i)0.5(nt)0.5(ernat)0.5(i)0.5(onal)0.5( m)0.5(onet)0.5(ary re)0.5(form)0.5( i)0.5(s t)0.5(he)5.1( )]TJ 0 Tc 0.024 Tw -1.701 -1.5 Td [(currency )0.6(\(US dollar\) )0.7(to which the )0.5(Hong Kong dollar )0.7(is linked. )55.8(At present, )0.6(the )0.5(US dollar )]TJ 0.017 Tw T* [(is overwhelming)0.6(ly the currency of choice )0.5(internationally )1.4(as a unit of account, )0.5(a medium )]TJ 0.059 Tw T* [(of exchange and a store of value. )0.5(However)40(, it )0.5(is the US national )0.9(currency)65.4(, managed )0.7(by )]TJ 0.011 Tc 0.083 Tw T* [(the US authorities with predominantly US interests in mind, and generati\ ng benefits)10.9( )]TJ 0.018 Tc T* [(which flow disproportionately to US parties. )18.4(This is dif)17.8(ficult for rival powers such)18( )]TJ 0.016 Tc T* [(as )0.5(the )0.5(Chinese )0.5(mainland and Russia to )0.5(swallow)64.7(, )0.5(and )0.5(it raises )0.5(concerns )0.5(even among)16( )]TJ 0.021 Tc 0.082 Tw T* [(\223)0.5(non-al)0.6(i)0.5(gne)0.5(d\224)0.5( c)0.5(ount)0.5(ri)0.5(e)0.5(s. It)0.5( i)0.5(s possi)0.5(bl)0.5(e)0.5( t)0.5(ha)0.5(t)0.5( a)0.5(t)0.5( som)0.6(e poi)0.5(nt)0.5( Hong Kong, a)0.5(s a)0.5( Spec)0.6(i)0.5(a)0.5(l)21.1( )]TJ 0.01 Tc 0.083 Tw T* [(Administrative Region of China, will come under pressure to delink the H\ ong Kong)10( )]TJ 0 Tc 0 Tw T* [(dollar from the US dollar)56.3(.)]TJ 0.022 Tc 0.082 Tw 1.701 -1.5 Td [(China\222)55.5(s RMB is unl)0.5(i)0.5(ke)0.5(ly t)0.5(o be)0.5( a se)0.5(rvi)0.5(c)0.5(e)0.5(abl)0.5(e subst)0.5(i)0.5(t)0.5(ut)0.5(e)0.5(. )17.9(T)0.5(he)0.5( Chi)0.5(nese)0.5( m)0.5(a)0.5(i)0.5(nl)0.5(and)22( )]TJ 0.007 Tc -1.701 -1.5 Td [(h)0.5(a)0.6(s m)0.6(a)0.7(d)0.5(e)0.6( so)0.5(m)0.7(e)0.6( p)0.5(r)0.5(o)0.5(g)0.5(r)0.5(e)0.6(ss wi)0.7(t)0.7(h)0.5( R)0.5(MB)0.5( i)0.7(n)0.5(t)0.7(e)0.6(r)0.5(n)0.5(a)0.7(t)0.6(i)0.7(o)0.5(n)0.5(a)0.6(l)0.7(i)0.7(z)0.6(a)0.7(t)0.6(i)0.7(o)0.5(n)0.5(,)0.5( b)0.5(u)0.5(t)0.7( i)0.6(t)0.7( a)0.7(pp)0.6(e)0.6(a)0.7(rs u)0.5(n)0.5(l)0.7(i)0.6(k)0.5(e)0.7(l)0.6(y)0.5( t)0.7(o)0.5( b)0.5(e)7.1( )]TJ 0.004 Tc T* [(able to accept the openness that global currency dominance would entail.\ Linking the)4.1( )]TJ 0 Tc 0.078 Tw T* [(Hong Kong dollar to a partially)1(-restricted )0.6(currency would handicap Hong Kong\222)55(s core )]TJ /C2_0 1 Tf 0 Tw T* <00BF0051004400510046004C0044004F000300440051004700030057005500440047004C0051004A0003004400460057004C0059004C0057004C004800560011>Tj /TT1 1 Tf 0.014 Tw 1.701 -1.5 Td [(The SDR would be a possible candidate )0.6(to anchor the Hong Kong dollar )0.5(if the SDR )]TJ 0.028 Tw -1.701 -1.5 Td [(becomes )0.9(an )0.7(international )1.3(currency)65.4(. )18.5(The )0.8(SDR includes )0.9(the )0.8(RMB )0.5(as one )0.6(of )0.5(its )0.6(underlying )]TJ 0.016 Tc 0.082 Tw T* [(c)0.6(ur)0.5(re)0.6(n)0.5(c)0.6(i)0.6(e)0.6(s, a)0.6(s we)0.6(l)0.6(l)0.7( a)0.6(s t)0.6(he)0.6( US d)0.5(ol)0.6(l)0.6(a)0.6(r)40.5(,)0.5( a)0.6(n)0.5(d so c)0.6(ou)0.5(l)0.6(d be)0.6( vi)0.7(e)0.6(we)0.6(d)0.5( a)0.6(s a)0.6(c)0.6(c)0.6(e)0.6(pt)0.7(a)0.6(bl)0.6(e)0.6( fr)0.5(om)0.6( a)0.6(l)0.6(l)16.2( )]TJ 0 Tc 0 Tw T* [(points of view)65.3(. )]TJ /C2_0 1 Tf 1.701 -1.5 Td [<0037>0.5<004B004C>0.6<00550047000F00030044>0.5<005600030044>0.6<00510003004C>0.5<00510057>0.6<0048>0.5<005500510044>0.5<0057>0.6<004C>0.6<005200510044>0.5<004F>0.6<000300BF00510044>0.5<00510046>0.6<004C>0.5<0044>0.6<004F>0.5<00030046>0.6<0048>0.5<00510057>0.6<0048>0.5<00550003004B0044>0.5<0059004C>0.6<0051004A00030053004F>0.6<0044>0.5<005C0048>0.6<004700030044>0.5<0003004F>0.6<0048>0.5<0044>0.5<0047004C>0.6<0051004A000300550052004F>0.6<0048>0.6<0003004C>0.5<005100030057>0.6<004B0048>0.5<00030053005500520046>0.5<0048>0.5<005600560003>]TJ -1.701 -1.5 Td [<005200490003>-82.5<0035003000250003>-82.6<004C0051005700480055005100440057004C005200510044004F004C005D00440057004C00520051000F0003>-82.6<002B00520051004A0003>-82.6<002E00520051004A0003>-82.5<005A00520058004F00470003>-82.6<004500480003>-82.5<005A0048004F004F00100053004F00440046004800470003>-82.6<005700520003>-82.6<004900440046004C004F004C0057004400570048000F0003>-82.5<0044005100470003>-82.6<00530055005200BF00570003>]TJ ET endstream endobj 95 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (52)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.019 Tc 0.083 Tw 10 0 0 10 55.2756 599.7209 Tm [(and only 8.33 percent of RMB, as well as the other constituent currencie\ s. In fact,)19( )]TJ /C2_0 1 Tf 0 Tc 0 Tw 0 -1.5 TD [<004A0055004800440057004800550003>-40.1<0058005600480003>-40.7<005200490003>-40.7<0057004B00480003>-40.4<0036002700350003>-41.1<005A00520058004F00470003>-40.7<0046005500480044005700480003>-39.9<00510048005A0003>-40.7<005600530044004600480003>-40.5<0049005200550003>-40.7<00460052005200530048005500440057004C00520051>0.8<0003>-40.7<0044005100470003>-40.6<00500058005700580044004F004F005C0003>-39.9<004500480051004800BF0046004C0044004F0003>]TJ /TT1 1 Tf T* (development and contribute to reduced imbalances in the global system.)Tj 0.044 Tw 1.701 -1.5 Td [(How )-0.6(would a commitment )1(to SDRs reconcile )0.7(with the Chinese mainland\222)55.9(s existing )]TJ 0.008 Tc 0.082 Tw -1.701 -1.5 Td [(st)0.7(r)0.5(a)0.6(t)0.7(e)0.7(gy)0.6( o)0.5(f)0.5( R)0.5(MB)0.5( i)0.7(nt)0.7(e)0.7(rn)0.6(a)0.6(t)0.7(i)0.6(o)0.5(n)0.5(a)0.7(l)0.6(i)0.7(z)0.7(a)0.6(t)0.7(i)0.6(o)0.5(n)0.5(?)0.7( R)0.5(MB)0.5( i)0.7(n)0.5(t)0.6(e)0.7(r)0.5(n)0.5(a)0.6(t)0.7(i)0.7(o)0.5(na)0.7(l)0.7(i)0.6(z)0.7(a)0.6(t)0.7(i)0.7(o)0.5(n)0.5( h)0.5(a)0.6(s m)0.7(a)0.7(d)0.5(e)0.6( si)0.7(g)0.5(n)0.5(i)0.7(fi)0.7(c)0.7(a)0.6(n)0.5(t)8.2( )]TJ 0.009 Tc T* [(p)0.5(r)0.5(o)0.6(g)0.5(r)0.5(e)0.7(ss,)0.6( a)0.7(l)0.7(b)0.5(e)0.7(i)0.7(t)0.7( wi)0.7(t)0.7(h)0.5( so)0.5(m)0.7(e)0.7( we)0.7(a)0.7(k)0.5(e)0.7(n)0.5(i)0.7(n)0.5(g)0.5( i)0.7(n)0.5( t)0.7(h)0.6(e)0.6( p)0.5(a)0.7(st)0.7( c)0.6(o)0.6(u)0.5(p)0.5(l)0.7(e)0.7( o)0.6(f)0.5( y)0.5(e)0.7(a)0.7(r)0.5(s a)0.7(sso)0.5(c)0.7(i)0.7(a)0.6(t)0.7(e)0.7(d)0.5( wi)0.7(t)0.7(h)0.5( t)0.7(h)0.5(e)9.2( )]TJ 0.006 Tc 0.083 Tw T* [(reinforcement of capital controls. )0.5(RMB-settled )0.5(transactions )0.5(accounted )0.5(for 1.6 percent)6.2( )]TJ /C2_0 1 Tf 0.008 Tc -0.008 Tw T* [<005200490003>-82.8<0057005200570044004F0003>-82.8<004C0051005700480055005100440057004C005200510044004F0003>-82.8<00530044005C005000480051005700560003>-82.8<004C00510003>-82.8<001500130014001A000F0003>-82.8<0044005100470003>-82.8<0057004B00480003>-82.8<0035003000250003>-82.8<00500044004700480003>-82.8<005800530003>-82.9<0014001100140003>-82.8<00530048005500460048005100570003>-82.8<005200490003>-82.9<004A004F005200450044004F>8.2<0003>]TJ /TT1 1 Tf 0.016 Tc 0.083 Tw T* (foreign exchange reserves.)Tj /C2_0 1 Tf 0 Tc 0 Tw 5.83 0 0 5.83 168.0521 484.4315 Tm <001A>Tj /TT1 1 Tf 0.016 Tc 0.083 Tw 10 0 0 10 171.0621 479.7209 Tm [( However)39.8(, there are limits to which non-Chinese parties)15.9( )]TJ 0 Tc 0.055 Tw -11.579 -1.5 Td [(can hold and use RMB unless the Chinese mainland )0.5(is prepared to run prolonged trade )]TJ /C2_0 1 Tf 0.004 Tc -0.004 Tw T* [<00470048>0.6<00BF0046>0.6<004C>0.5<0057>0.6<00560003>-82.1<0044>0.6<005100470003>-82.1<005200530048>0.5<00510003>-82.1<004C>0.6<0057>0.5<00560003>-82.1<0046>0.5<0044>0.6<0053004C>0.6<0057>0.5<0044>0.6<004F>0.5<0003>-82.1<0044>0.6<0046>0.5<0046>0.6<0052005800510057>0.5<0003>-82.1<0050>0.6<00580046>0.6<004B0003>-82.1<0049005800550057>0.6<004B0048>0.6<0055>55.5<00110003>-82.1<0030005200550048>0.6<0003>-82.1<00490058005100470044>0.5<0050>0.6<0048>0.5<00510057>0.6<0044>0.6<004F>0.5<004F>0.6<005C>65.3<000F0003>-82.1<0057>0.6<004B0048>0.6<0003>-82.1<0035003000250003>-82.1<004C>0.6<00560003>-82.1<0044>4.2<0003>]TJ /TT1 1 Tf 0.002 Tc 0.082 Tw T* [(n)0.5(a)0.6(t)0.7(i)0.6(o)0.5(n)0.5(a)0.6(l)0.6( c)0.7(ur)0.5(r)0.5(e)0.6(n)0.5(c)0.6(y)65.5(, l)0.7(i)0.6(k)0.5(e)0.6( t)0.6(h)0.5(e)0.7( US do)0.5(l)0.7(l)0.6(a)0.7(r)55.6(.)0.5( If)0.5(,)0.5( i)0.6(n)0.5(d)0.5(e)0.6(e)0.7(d,)0.5( i)0.6(n)0.5(t)0.7(e)0.6(r)0.5(n)0.5(a)0.6(t)0.6(i)0.7(o)0.5(na)0.7(l)0.6( u)0.5(se)0.6( o)0.5(f)0.5( t)0.7(h)0.5(e)0.6( R)0.5(MB)0.5( we)0.6(r)0.5(e)0.6( t)0.7(o)1.9( )]TJ 0.004 Tc 0.083 Tw T* [(increase to the point where it rivalled or exceeded that of the dollar)39.9(, the world would)4( )]TJ 0 Tc 0.001 Tw T* [(merely exchange one problem \(one national )0.5(currency\) for another)40.5(, and would not escape )]TJ 0.018 Tc 0.083 Tw T* [(\223the inherent deficiencies )0.5(caused by using )0.5(credit-based )0.5(national currencies\224 \(Zhou,)18( )]TJ 0 Tc 0.039 Tw T* [(2009, p. 8\). It is, therefore, )0.5(suggested that RMB internationaliza)1.7(tion should receive )0.7(less )]TJ 0.009 Tw T* [(emphasis while )0.5(the )0.5(Chinese mainland )1(initiates )1.1(SDR development. )1.1(In any case, )0.5(the RMB )]TJ 0.006 Tw T* [(currently )0.5(makes up 8.33 percent)0.6( of the SDR, which compares favorably with the RMB\222)55.1(s )]TJ 0 Tw T* (current share of global foreign exchange reserves at 1.1 percent.)Tj 5.83 0 0 5.83 311.5451 334.4315 Tm (8)Tj 0.026 Tc 0.082 Tw 10 0 0 10 72.2835 314.7209 Tm [(I)0.5(t)0.6( i)0.6(s,)0.5( t)0.7(he)0.7(re)0.6(f)0.5(o)0.5(re)0.6(,)0.5( sug)0.5(g)0.5(e)0.6(st)0.6(e)0.6(d)0.5( t)0.6(h)0.5(a)0.6(t)0.6( t)0.6(h)0.5(e)0.6( Ch)0.5(i)0.7(ne)0.6(se)0.6( m)0.7(a)0.6(i)0.6(n)0.5(l)0.6(a)0.6(n)0.5(d)0.5( wo)0.5(u)0.5(l)0.6(d)0.5( b)0.5(e)0.6(n)0.5(e)0.6(f)0.5(i)0.6(t)0.6( f)0.5(ro)0.5(m)0.6( SDR)26( )]TJ 0 Tc 0 Tw -1.701 -1.5 Td [(enhancement. )19.2(What about its capability?)]TJ 0.023 Tc 0.082 Tw 1.701 -1.5 Td [(Fi)0.6(rst)0.6(, t)0.5(he)0.6( Chi)0.6(ne)0.5(se)0.5( m)0.6(a)0.5(i)0.6(nl)0.6(a)0.6(nd c)0.6(a)0.5(n prom)0.5(ot)0.6(e)0.5( SDR use)0.5( by i)0.6(t)0.5(s i)0.6(nst)0.6(i)0.5(t)0.6(ut)0.5(i)0.6(ons a)0.5(t)0.6( l)0.6(ow or)22.9( )]TJ 0.032 Tc 0.083 Tw -1.701 -1.5 Td [(negative cost because of its intermediate stage of financial liberalizat\ ion. )18.3(Where)32.2( )]TJ 0.007 Tc 0.082 Tw T* [(international parties contemplating use of the SDR face opportunity cost\ s, the cost is)6.9( )]TJ 0.004 Tc 0.083 Tw T* [(low or non-existent for many Chinese mainland parties because they do no\ t presently)4( )]TJ 0 Tc 0.034 Tw T* [(have unlimited )0.6(access to international )1(currency)65.3(. Indeed, many Chinese mainland parties )]TJ /C2_0 1 Tf 0 Tw T* [<004700480056004C0055004C0051004A0003>-0.6<004C0051005700480055005100440057>0.8<004C005200510044004F00030046005800550055004800510046005C00030048005B0053005200560058005500480003>-0.8<005A00520058004F00470003>-1<00490044004600480003004400510003>-0.8<0036002700350003>-1.2<00B3>5.1<004500480051004800BF005700B4>]TJ /TT2 1 Tf 28.044 -0 Td ( )Tj /TT1 1 Tf 0.001 Tw 0.251 0 Td [(rather )0.5(than a cost: )]TJ 0.053 Tw -28.294 -1.5 Td [(to the extent that to maintain )0.7(its existing capital )0.8(account controls the Chinese mainland )]TJ 0.005 Tc 0.083 Tw T* [(might have to \223)4.8(res)-0.6(trict\224)]TJ /TT2 1 Tf 0 Tc 0 Tw 9.781 -0 Td ( )Tj /TT1 1 Tf 0.005 Tc 0.083 Tw 0.338 0 Td [(its)-0.6( ins)-0.6(titutions)-0.6( from excess)-0.6(ive us)-0.6(e of S)-0.6(D)-0.6(R \(and other foreign)5.1( )]TJ 0 Tc 0 Tw -10.119 -1.5 Td (currencies\) rather than having to encourage or oblige them. )Tj 0.06 Tw 1.701 -1.5 Td [(Second, because)0.5( of the Chinese mainland\222)56(s )-0.6(size, even mar)18.3(ginal)0.5( use of SDRs )-0.9(by its )]TJ 0.008 Tc 0.083 Tw -1.701 -1.51 Td [(ins)-0.6(titutions w)-0.6(ould have significant impacts)-0.6(, draw)-0.6(ing global attention to the S)-0.6(D)-0.6(R and)8( )]TJ 0.01 Tc 0 -1.51 TD [(stimulating )0.5(the emer)18.1(gence )0.5(of )0.5(an )0.5(international ecosystem )0.5(of )0.5(SDR-denominated assets)9.8( )]TJ 0 Tc 0 Tw T* (and services. )Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 55.2756 84.9449 cm 0 0 m 119.055 0 l S Q BT /C2_0 1 Tf 4.664 0 0 4.664 55.2756 73.3956 Tm <001A>Tj /TT1 1 Tf 8 0 0 8 57.6076 69.6272 Tm [(Source: SWIFT)18.4( RMB )17.9(T)35.3(racker and IMF data.on )]TJ 10 0 0 10 211.2287 68.9651 Tm (\223)Tj /C2_0 1 Tf 8 0 0 8 215.6672 69.6272 Tm <0046005800550055004800510046005C0003004600520050005300520056004C0057004C0052005100030052004900030052004900BF0046004C0044004F00030049005200550048004C004A005100030046005800550055004800510046005C00030044005600560048005700560011>Tj /TT1 1 Tf 10 0 0 10 396.2726 68.9651 Tm (\224)Tj 4.664 0 0 4.664 55.2756 60.3956 Tm (8)Tj 8 0 0 8 57.6076 56.6272 Tm (Source: IMF factsheet on SDR.)Tj ET endstream endobj 94 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (51)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 10 0 0 10 202.4547 599.4517 Tm [(1. )18.3(The Chinese Mainland)]TJ /TT2 1 Tf 0.032 Tc 0.082 Tw -13.017 -1.473 Td [(It i)0.5(s suggested t)0.5(hat)0.5( the Chinese m)0.5(ainl)0.5(and would benefit from)0.5(, and i)0.5(s capable of,)32( )]TJ 0 Tc 0.083 Tw 0 -1.5 TD [(taking unilateral action to enhance SD)-0.6(Rs)-0.6(. Indeed, in 2009, then P)-0.6(BO)-0.6(C governor Zhou )]TJ 0 Tw T* (Xiaochuan advocated for the SDR to take a greater role in the world mone\ tary system.)Tj 0.017 Tc 0.083 Tw 1.701 -1.5 Td [(The )0.5(Chinese )0.5(mainland )0.5(has )0.5(benefitted )0.6(greatly )0.5(from )0.5(the )0.5(international )0.5(trading )0.5(and)32( )]TJ /C2_0 1 Tf -0.015 Tc 0.015 Tw -1.701 -1.5 Td [<00BF0051004400510046004C0044004F0003>-18.2<0056005C0056005700480050000F0003>-18.2<0053004400550057004C00460058004F00440055004F005C0003>-18.1<0056004C0051004600480003>-18.1<004C005700560003>-18.1<004400460046004800560056004C005200510003>-18.2<005700520003>-18.2<0057004B00480003003A>80.2<00520055004F004700030037>35.3<00550044004700480003>-18.1<00320055>18<004A00440051004C005D00440057004C005200510003>-18.1<000B003A0037>18.2<0032000C0003>-18.2<004C00510003>]TJ /TT2 1 Tf -0.013 Tc 0.083 Tw T* [(2000, with the Chinese mainland\222)54.9(s imports and exports totaling US$4.1tn and its utilized)2( )]TJ /C2_0 1 Tf 0.01 Tc -0.01 Tw T* [<0049005200550048>0.5<004C>0.5<004A00510003>-82.2<0047004C>0.5<005500480046>0.5<0057>0.5<0003>-82.1<004C>0.5<005100590048>0.5<00560057>0.5<0050>0.5<0048>0.5<00510057>0.5<0003>-82.1<00550048>0.5<0044>0.5<0046>0.5<004B004C>0.5<0051004A0003>-82.2<003800360007001400160014004500510003>-82.2<004C>0.5<00510003>-82.2<001500130014001A00110003>-45.1<003C>100.3<0048>0.5<00570003>-82.1<005A004C>0.5<0057>0.5<004B0003>-82.2<004C>0.5<0057>0.5<00560003>-82.2<0049005200550048>0.5<004C>0.5<004A00510003>-82.2<0048>0.5<005B0046>0.6<004B0044>0.5<0051004A0048>25.2<0003>]TJ /TT2 1 Tf -0.009 Tc 0.083 Tw T* [(reserves sur)17.8(ging at one point to US$4tn and its current account surplus to 1)-10.3(0)-10.3( )-9.7(p)-10.3(e)-10.1(r)-10.3(c)-10.1(e)-10.2(n)-10.2(t)-10.1( )-9.8(o)-10.3(f)-4( )]TJ 0.015 Tc T* [(GDP)36.7( under a regime of tight capital controls and aggressive export-oriented\ policy)64.7(,)20( )]TJ 0.007 Tc T* [(the )0.6(Chinese )0.5(mainland )0.5(has )0.5(been )0.6(one )0.6(of )0.6(the )0.5(major )0.5(contributors )0.5(in )0.5(global )0.5(monetary )0.5(and)11.9( )]TJ 0.002 Tc T* [(trade imbalances. Both problems have diminished in recent years, with re\ serves down)7( )]TJ 0.023 Tc T* [(to US$3.1tn in )55.4(April 2018 and the current account surplus down to 1.3 percent of)28( )]TJ /C2_0 1 Tf 0.007 Tc -0.007 Tw T* [<002A>-0.6<00270033>36.6<0003>-82.9<000B0038>-0.6<003600070014001A001500450051000C0003>-82.9<0049005200550003>-82.9<001500130014001A0011>]TJ /TT2 1 Tf 0 Tc 0 Tw 5.83 0 0 5.83 187.269 409.4315 Tm (5)Tj 0.007 Tc 0.083 Tw 10 0 0 10 190.2271 404.7209 Tm [( H)-0.6(ow)-0.6(ever)39.6(, the trajectory may s)-0.6(till be uns)-0.6(us)-0.6(tainable, with)12.1( )]TJ -0.004 Tc -11.794 -1.5 Td (commitments to greater openness)Tj 0 Tc 0 Tw 5.83 0 0 5.83 207.7191 394.4315 Tm (6)Tj -0.004 Tc 0.083 Tw 10 0 0 10 210.6121 389.7209 Tm [( potentially of)17.9(fset by the new industrial policies such)1.1( )]TJ -0.005 Tc 0 Tw -13.833 -1.5 Td (as \223Made in China 2025\224 and the RMB internationalization strategie\ s.)Tj 0.011 Tc 0.082 Tw 1.701 -1.5 Td [(De)0.5(spit)0.5(e t)0.5(he gradua)0.5(l m)0.5(ode)0.5(rat)0.5(ion of the Chi)0.5(nese)0.5( ma)0.5(inl)0.5(and\222)55.5(s overal)0.5(l t)0.5(rade)0.5( ba)0.5(la)0.5(nce,)11( )]TJ /C2_0 1 Tf 0.01 Tc -0.01 Tw -1.701 -1.5 Td [<004C>0.5<00510003>-82.2<001500130014001A0003>-82.2<004C>0.5<0057>0.5<000F0003>-82.2<00510052005100480057>0.5<004B0048>0.5<004F>0.5<004800560056000F0003>-82.2<004B0044>0.5<00470003>-82.2<0044>0.5<0003>-82.2<00550048>0.5<00460052005500470003>-82.2<0038003600070016001A0019004500510003>-82.2<0057>0.5<00550044>0.5<00470048>0.5<0003>-82.2<0056005800550053004F>0.5<005800560003>-82.2<005A004C>0.5<0057>0.5<004B0003>-82.2<0057>0.5<004B0048>0.5<0003>-82.2<003800360003>-82.2<0044>0.5<0046>0.5<0046005200550047004C>0.5<0051004A>10<0003>]TJ /TT2 1 Tf 0.005 Tc 0.082 Tw T* [(to US statistics \(Swanson, 2018\). )17.8(This has led the US authorities to initiate a number)5( )]TJ 0.022 Tc 0.083 Tw T* [(of trade protection measures against the )0.5(Chinese mainland )0.5(since March 2018. )18.5(The)22.2( )]TJ 0.024 Tc 0.082 Tw T* [(US trade deficit relates substantially to the shortfall in US savings \(\ which the US)23.8( )]TJ 0.008 Tc 0.083 Tw T* [(administration\222)55.1(s recent tax cuts may exacerbate\), and this, in turn, relates to the ea\ se)8.1( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<005A004C0057004B0003>-32.1<005A004B004C0046004B0003>-32.1<0057004B00480003>-31.9<003800360024000F0003>-32.6<004400560003>-32.2<004C005600560058004800550003>-32.3<005200490003>-32.3<0057004B00480003>-31.9<005A00520055004F004700B6>55.1<00560003>-32.4<004700520050004C00510044005100570003>-31.6<00550048005600480055005900480003>-32<0046005800550055004800510046005C>65.4<000F0003>-32.2<0046004400510003>-32<00BF005100440051004600480003>-32<004C005700560003>]TJ 0.004 Tc -0.004 Tw T* [<0047004800BF0046004C0057005600110003>-82.9<00300052005500480052005900480055>39.7<000F0003>-82.8<005600570055004C00460057004F005C0003>-82.9<0056005300480044004E004C0051004A000F0003>-82.9<004C00570003>-82.8<004C00560003>-82.8<00440003>-82.8<004600520058005100570055005C00B6>54.9<00560003>-82.8<00520059004800550044004F004F0003>-82.9<00450044004F00440051004600480003>-82.9<0057004B004400570003>-82.8<0050004400570057004800550056000F0003>-82.9<005100520057>4.1<0003>]TJ /TT2 1 Tf 0 Tc 0.035 Tw T* [(its bilate)0.8(ral )0.5(bala)0.5(nce with anothe)0.5(r individual )0.9(country)65.3(. So, to a certain )0.6(extent, )0.8(the )0.5(Chinese )]TJ 0.028 Tw T* [(mainland )1.3(is being penalized )1.5(unfairly )0.9(as )0.5(its )0.6(bilateral )1.6(trade )0.9(surplus with )0.6(the )0.8(USA)54.7( includes )]TJ 0 Tw T* [(other countries\222)74.3( net exports to the USA. Nonetheless, the issue of global trade imbalanc\ e )]TJ 0.064 Tw T* [(is real, )0.8(and )0.5(a )0.5(trade )0.8(war would harm )0.6(the )0.7(Chinese )0.6(mainland, )1.2(the )0.7(USA)54.7( and )0.5(the )0.7(rest )0.5(of the )]TJ 0 Tw T* (world.)Tj 0.023 Tc 0.083 Tw 1.701 -1.5 Td [(The Chinese mainland has so far responded to the US threats of tarif)17.8(fs on the)23.1( )]TJ 0.014 Tc -1.701 -1.5 Td [(Chinese mainland\222)55.1(s exports with tarif)17.9(f threats of its own. However)39.9(, positive actions)13.9( )]TJ 0 Tc 0.043 Tw T* [(\(carrot )0.8(as well )0.6(as stick\) )0.7(would be )0.5(helpful )0.9(to )0.5(reach )0.8(a )0.5(peaceful )1.1(resolution. )0.9(In this )0.6(context, )]TJ 0.032 Tw T* [(an announced )0.6(commitment )1.4(by the Chinese )0.5(mainland )1(to enhance)0.6( the )0.5(use of SDRs would )]TJ 0.017 Tc 0.083 Tw T* [(appear relatively \223carrot-like,\224 in that the SD)-0.6(R comprises 42 percent of U)-0.6(S dollars)16.9( )]TJ ET 0 0 0 1 K 0.5 w q 1 0 0 1 72.2834 96.9449 cm 0 0 m 119.055 0 l S Q BT /TT2 1 Tf 0 Tc 0 Tw 4.664 0 0 4.664 72.2834 84.3955 Tm (5)Tj 0.009 Tw 8 0 0 8 74.6154 80.6271 Tm [(Data listed are collected )0.8(from )]TJ /C2_1 1 Tf 0 Tw 12.124 -0 Td [<003B004C0051004B005800440003>-9<00310048005A0056>]TJ /TT2 1 Tf 0.009 Tw 5.315 0 Td [(, the Economist Intelligence )0.9(Unit \(EIU\) and the Hong Kong )17.5(T)35.3(rade )]TJ 0 Tw -17.731 -1.5 Td (Development Council.)Tj 4.664 0 0 4.664 72.2834 60.3955 Tm (6)Tj 8 0 0 8 74.6154 56.6271 Tm (See Xi \(2018\).)Tj ET endstream endobj 16 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 17 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 18 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 19 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 20 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 103 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (50)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 10 0 0 10 55.2756 599.7209 Tm [(Section IV)18.4( of the present paper)56.1(.)]TJ 0.006 Tc 0.082 Tw 1.701 -1.5 Td [(In March 2018, a small boost to the SDR was given by the announcement of\ the)6.2( )]TJ 0 Tc 0.038 Tw -1.701 -1.5 Td [(launch by private parties of Saga \(SGA\), )-1(a cryptocurrency backed by SDR )-0.8(\(Nelson and )]TJ 0.009 Tc 0.082 Tw 0 -1.5 TD [(W)80.7(on)0.5(g)0.5(, 20)0.5(18)0.5(\),)0.5( a)0.6(l)0.7(t)0.6(ho)0.5(u)0.5(gh)0.5( t)0.6(h)0.5(e)0.6( c)0.6(ur)0.5(re)0.6(n)0.5(c)0.6(y i)0.6(s no)0.5(t)0.6( ye)0.6(t)0.7( i)0.6(n)0.5( i)0.7(ssu)0.5(a)0.6(nc)0.7(e)0.6( a)0.6(n)0.5(d)0.5( t)0.6(a)0.6(k)0.5(e)0.6(-u)0.5(p)0.5( r)0.5(e)0.6(m)0.6(a)0.6(i)0.6(n)0.5(s t)0.6(o)0.5( be)9.2( )]TJ 0 Tc 0 Tw T* (seen. )Tj /TT2 1 Tf 13.028 -3.228 Td [(3. Possible W)36.8(ay Forward)]TJ /C2_0 1 Tf 0.006 Tc -0.006 Tw -13.028 -1.473 Td [<002C00510003>-82.1<005600580050>0.5<0050>0.6<0044>0.5<0055005C>65.3<000F0003>-82.1<0048>0.6<0051004B0044>0.6<00510046>0.5<0048>0.5<0050>0.6<0048>0.5<00510057>0.6<0003>-82.1<005200490003>-82.1<00360027003500560003>-82.1<005A00520058004F>0.6<00470003>-82.1<00450048>0.6<0003>-82.2<00450048>0.6<00510048>0.5<00BF0046>0.6<004C>0.5<0044>0.6<004F>0.5<0003>-82.1<0057>0.6<00520003>-82.1<0057>0.5<004B0048>0.5<0003>-82.1<004A004F>0.6<005200450044>0.5<004F>0.6<0003>-82.2<0046>0.6<00520050>0.5<0050>0.6<00580051004C>0.5<0057>0.6<005C0003>-82.2<0044>0.6<00510047>6<0003>]TJ /TT1 1 Tf 0.01 Tc 0.083 Tw T* [(would be perhaps the least dif)17.8(ficult path to needed broad reform of the international)10.2( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<0050005200510048005700440055005C0003>-16.6<004400550046004B004C00570048>0.8<0046005700580055004800110003>-16.8<002B0052005A0048005900480055>40<000F0003>-17.3<004C00510003>-17.1<0057004B00480003>-16.9<00460058005500550048005100570003>-16.8<004800510059004C00550052005100500048005100570003>-16.4<004C00570003>-16.9<005A00520058004F00470003>-17.3<004500480003>-17.1<005900480055005C0003>-17.1<0047004C004900BF00460058004F00570003>-16.7<005700520003>]TJ /TT1 1 Tf 0.004 Tc 0.082 Tw T* [(bui)0.6(l)0.5(d)0.5( i)0.5(nt)0.6(e)0.6(rna)0.5(t)0.6(i)0.6(ona)0.5(l)0.6( c)0.6(onse)0.6(nsus for e)0.5(ve)0.6(n l)0.6(i)0.5(m)0.6(i)0.6(t)0.6(e)0.5(d re)0.6(form)0.5(s. In a)0.5(d)0.5(di)0.6(t)0.6(i)0.6(on, i)0.6(n pra)0.5(c)0.6(t)0.6(i)0.5(c)0.6(a)0.5(l)0.6( t)0.6(e)0.5(rm)0.6(s,)3.9( )]TJ 0.009 Tc T* [(t)0.7(h)0.6(e)0.7( l)0.7(i)0.8(q)0.5(u)0.6(i)0.7(d)0.5(i)0.7(t)0.8(y)0.5( p)0.5(r)0.6(e)0.7(m)0.7(i)0.7(u)0.5(m)0.8(,)0.5( a)0.8( c)0.7(o)0.6(st)0.8( o)0.6(f)0.5( u)0.5(si)0.7(n)0.6(g)0.5( SDR)0.5(s i)0.7(n)0.5( t)0.7(h)0.5(e)0.7( n)0.5(e)0.7(a)0.7(r)0.6( a)0.7(n)0.6(d)0.5( m)0.7(e)0.7(d)0.6(i)0.7(u)0.5(m)0.8( t)0.7(e)0.7(r)0.6(m)0.7( \()0.6(i)0.7(n)0.5( e)0.7(f)18.6(f)0.5(e)0.7(c)0.7(t)0.8(,)9( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<0057004B00480003>-50<00B3004C0051005900480056005700500048005100570003>-49.4<0053004B00440056004800B40003>-50<005200490003>-50.4<0036002700350003>-50.6<00480051004B00440051004600480050004800510057000C000F0003>-49.3<005A00520058004F00470003>-50.3<0047004C005600460052005800550044004A00480003>-50.2<004500520057004B0003>-50.1<0052004900BF0046004C0044004F0003>-49.9<0044005100470003>-50.2<0051005200510010>]TJ /TT1 1 Tf 0.013 Tc 0.082 Tw T* [(of)18.3(fi)0.5(c)0.5(ia)0.5(l sec)0.5(tors from)0.5( part)0.5(i)0.5(ci)0.5(pat)0.5(ing i)0.5(n the)0.5( SDR ma)0.5(rket)0.5(s. Is t)0.5(he)0.5(re)0.5( any wa)0.5(y around t)0.5(his)12.9( )]TJ 0 Tc 0 Tw T* (conundrum?)Tj 0.02 Tc 0.082 Tw 1.701 -1.5 Td [(It)0.6( i)0.5(s sugge)0.5(st)0.5(e)0.6(d t)0.5(ha)0.6(t)0.6( t)0.6(he)0.6( i)0.6(nve)0.6(st)0.6(m)0.5(e)0.6(nt)0.5( pha)0.6(se)0.6( c)0.5(a)0.6(n be)0.5( pa)0.5(rt)0.6(l)0.6(y funde)0.6(d a)0.5(nd ki)0.6(c)0.5(k-st)0.6(a)0.6(rt)0.6(e)0.6(d)20( )]TJ 0.026 Tc 0.083 Tw -1.701 -1.5 Td [(by )0.6(motivated )0.5(parties )0.5(of )0.6(appropriate )0.6(scale )0.5(and )0.5(capability)65(. )0.5(In )0.5(their )0.5(respective )0.5(ways,)26( )]TJ 0.033 Tc 0.082 Tw T* [(a)0.7(s d)0.5(i)0.7(sc)0.7(u)0.6(sse)0.7(d)0.6( i)0.8(n)0.5( t)0.7(h)0.5(e)0.7( f)0.5(o)0.6(l)0.7(l)0.7(o)0.6(wi)0.7(n)0.5(g)0.6( se)0.7(c)0.7(t)0.7(i)0.8(o)0.5(n)0.6(,)0.5( t)0.7(h)0.5(e)0.7( C)0.5(h)0.6(i)0.7(n)0.6(e)0.7(se)0.7( m)0.7(a)0.7(i)0.7(n)0.6(l)0.7(a)0.7(n)0.6(d)0.5( a)0.7(n)0.5(d)0.6( C)0.6(h)0.5(i)0.8(n)0.5(a)0.7(\222)55.7(s Sp)0.5(e)0.7(c)0.7(i)0.7(a)0.7(l)33.2( )]TJ 0.007 Tc 0.083 Tw T* [(Administrative Region Hong Kong would be parties meeting these criteria.\ )18.5(T)69.8(ogether)39.9(,)7( )]TJ 0 Tc 0.038 Tw T* [(the )0.8(Chinese )0.7(mai)0.5(nland )0.8(and )0.6(Hong )0.5(Kong could )0.9(initiate )1.6(enhanceme)1(nt )0.6(of )0.5(SDRs on )0.5(a )0.7(lar)18.3(gely )]TJ 0.002 Tw T* [(unilateral )1.2(basis, assuming passive support from the IMF and the major )0.5(sovereigns which )]TJ 0 Tw T* (have their currencies in the SDR basket. )Tj 0.027 Tc 0.083 Tw 1.701 -1.5 Td [(If a successful start could be made, broader )0.5(use of SDRs by the international)27.2( )]TJ 0.028 Tc 0.082 Tw -1.701 -1.5 Td [(community should follow under some favorable conditions. In the ideal ca\ se, the)28.1( )]TJ 0.005 Tc T* [(pace of expansion of SDR use would be gradual enough to allow all partie\ s to adjust)5.2( )]TJ 0.027 Tc T* [(wi)0.6(t)0.7(h)0.5(o)0.5(u)0.6(t)0.7( sh)0.6(o)0.5(c)0.6(k)0.6(s.)0.5( Ov)0.5(e)0.7(r)0.5(r)0.5(e)0.7(a)0.7(c)0.6(t)0.7(i)0.7(o)0.5(n)0.5( b)0.6(y)0.5( t)0.7(h)0.5(e)0.7( c)0.7(u)0.5(r)0.5(r)0.5(e)0.7(n)0.5(c)0.7(y)0.5( m)0.7(a)0.7(r)0.5(k)0.5(e)0.7(t)0.6(s c)0.7(o)0.5(u)0.5(l)0.7(d)0.5( n)0.6(o)0.5(t)0.7( b)0.5(e)0.7( r)0.5(u)0.5(l)0.7(e)0.7(d)0.5( o)0.5(u)0.6(t)0.7(:)0.6( f)0.6(o)0.5(r)27( )]TJ 0.017 Tc T* [(e)0.5(xa)0.5(mpl)0.5(e, a)0.5( cri)0.5(si)0.5(s of confi)0.5(dence)0.5( i)0.5(n t)0.5(he dol)0.5(la)0.5(r)40.3(, or an unwa)0.5(rrant)0.5(ed appre)0.5(ci)0.5(at)0.5(ion of the)17.2( )]TJ 0.007 Tc 0.083 Tw T* [(euro. Nonetheless, it should be possible to set boundaries on any such \ instability by)7( )]TJ 0 Tc 0.053 Tw T* [(clear )0.6(communic)0.8(ation )0.5(of the \223end-point\224 )0.8(of a rebalanced )0.9(international )1.3(monetary )0.6(system. )303.2( )]TJ 0.005 Tc 0.083 Tw T* [(In any )0.5(case, the risks should )0.5(be lower than those )0.5(to which )0.5(the international )0.5(monetary)5( )]TJ 0 Tc 0 Tw T* (system is subject in its present imbalanced state.)Tj /TT2 1 Tf 11 0 0 11 64.5808 114.5779 Tm [(IV)92(. )18.4(The Chinese Mainland, Hong Kong and Other Stakeholders in the )]TJ 7.256 -1.364 Td (Special Drawing Right Development)Tj /TT1 1 Tf 0.041 Tw 10 0 0 10 55.2756 68.6973 Tm [(In this section, the readiness and capability )0.7(of the Chinese mainland and Hong )-0.6(Kong )-0.6(to )]TJ 0 Tw T* (act unilaterally on SDRs are considered.)Tj ET endstream endobj 102 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (49)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.007 Tc 0.082 Tw 10 0 0 10 72.2835 599.7209 Tm [(reluctant to issue SDR bonds unl)0.5(ess they could see other issuers doing the same \(the)7.2( )]TJ 0.011 Tc 0.083 Tw 0 -1.5 TD [(coordination problem\). )55.4(Accordingly)64.6(, investment in SDR assets would have to be led)11( )]TJ /C2_0 1 Tf 0.006 Tc -0.006 Tw T* [<0045>0.5<005C>0.6<0003>-82<0057>0.7<004B>0.6<0048>0.6<0003>-81.9<0052>0.5<0049>0.6<00BF0046>0.6<004C>0.7<0044>0.7<004F>0.7<0003>-81.9<00560048>0.6<0046>0.7<0057>0.8<0052>0.5<0055>40.5<000F>0.6<0003>-82<005A004C>0.7<0057>0.7<004B>0.6<0003>-82<004F>0.7<0044>0.7<0055>18.6<004A>0.5<0048>0.7<0003>-81.9<0045>0.5<0058>0.5<005C>0.6<0010>0.5<0044>0.7<0051>0.5<0047>0.6<0010>0.5<004B>0.5<0052>0.6<004F>0.7<0047>0.5<0003>-81.9<004C>0.7<0051>0.5<00560057>0.7<004C>0.7<0057>0.7<0058>0.5<0057>0.8<004C>0.7<0052>0.5<0051>0.5<0044>0.7<004F>0.7<0003>-81.9<004C>0.7<0051>0.5<0059>0.6<0048>0.7<00560057>0.7<0052>0.6<0055>0.5<00560003>-82<0049>0.5<0052>0.6<004F>0.7<004F>0.7<0052>0.5<005A004C>0.7<0051>0.6<004A>0.5<0011>0.5<0003>-81.9<002F>0.7<0044>0.7<0055>18.6<004A>0.5<0048>6.1<0003>]TJ /TT1 1 Tf -0.001 Tc 0 Tw T* [(gl)0.5(obal)0.5( corporat)0.5(i)0.5(ons woul)0.5(d com)0.5(e)0.5( ne)0.5(xt to t)0.5(he e)0.5(xte)0.5(nt tha)0.5(t gl)0.5(obal)0.5( t)0.5(ra)0.5(de be)0.5(ca)0.5(me)0.5( denom)0.5(i)0.5(nat)0.5(ed)-1( )]TJ 0 Tc 0.048 Tw T* [(in SDRs. )-0.7(Fund managers, other corporations and retail )0.5(investors would come last, once )]TJ 0 Tw T* (a level of liquidity and market acceptance had been achieved.)Tj 0.001 Tc 0.083 Tw 1.701 -1.5 Td [(If general private use of the S)-0.6(D)-0.6(R w)-0.6(ere permitted, this)-0.6( w)-0.6(ould rais)-0.6(e the problem of)1( )]TJ /C2_0 1 Tf 0 Tc 0 Tw -1.701 -1.5 Td [<00560053004800460058004F00440057004C005900480003>-5.9<00C00052005A0056000F0003>-7.3<0044005100470003>-6.7<005A00520058004F00470003>-6.8<005300480055004B0044005300560003>-6.8<0044004F005600520003>-6.7<0044005500520058005600480003>-6.7<003800360003>-7.1<005500480056004C0056005700440051004600480003>-6.2<00450048004600440058005600480003>-6.4<004C00570003>-6.5<005A00520058004F00470003>-6.9<00470048005700550044004600570003>]TJ /TT1 1 Tf 0.014 Tw T* [(from private sector use of the dollar)55.7(. )17.8(There would also be a need for SDR infrastructure, )]TJ 0.002 Tw T* [(such as clearing )1.1(facilities, )1.3(and an )0.5(\223SDR window\224 or repo facility )1.3(to discount )0.6(SDR assets )]TJ /C2_0 1 Tf -0.001 Tc 0.001 Tw T* [<00440051004700030053005500520059004C00470048000300470044004C004F005C0003004C00510057004800550048005600570003005500440057004800030056004800570057004C0051004A00110003>54.8<0024005100030036002700350003004F004C00540058004C0047004C0057005C00030053005500480050004C005800500003005200490003001B001300B10014001300130003004500440056004C0056000300530052004C005100570056>-1.2<0003>]TJ /TT1 1 Tf 0.002 Tc 0.083 Tw T* [(might be neces)-0.6(s)-0.6(ary to attract inves)-0.6(tors)-0.6(. Liquidity w)-0.6(ould be enhanced by a yield curve)2.1( )]TJ 0 Tc 0 Tw T* (\(which, in turn, would require issuance across the maturity spectrum\).\ )Tj 0.012 Tc 0.082 Tw 1.701 -1.5 Td [(Although the SDR is more stable than any individual currency)65.2(, and so performs)11.8( )]TJ 0.005 Tc 0.083 Tw -1.701 -1.5 Td [(well on a risk-adjusted basis, there are challenges for potential users.\ In addition to a)5.2( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<004F00440046004E0003>-24<005200490003>-24.5<004F004C00540058004C0047004C0057005C>65.8<000F0003>-24.5<0057004B0048005500480003>-24<0044005500480003>-24.2<0057004B00480003>-24.2<0047004C004900BF00460058004F0057004C004800560003>-24<005200490003>-24.5<004B00480047004A004C0051004A0003>-24.1<000B004B00480051004600480003>-24.1<00440003>-24.3<00510048004800470003>-24.4<0049005200550003>-24.5<0036002700350003>-24.8<004700480055004C005900440057004C005900480056000F0003>]TJ /TT1 1 Tf 0.04 Tw T* [(which, )0.5(in turn, would )0.5(face )0.8(liquid)0.5(ity )0.6(challenges\), )1.1(and )0.5(of SDR rebalancing. )19.2(T)70(o encourage )]TJ 0.022 Tc 0.082 Tw T* [(holding, the SDR should be inflation-proofed, and because not all govern\ ments of)22( )]TJ /C2_0 1 Tf 0.003 Tc -0.003 Tw T* [<003600270035001000460052005100560057004C005700580048005100570003>-82.5<0046005800550055004800510046004C004800560003>-82.5<004C00560056005800480003>-82.5<004C005100C000440057004C005200510010004F004C0051004E004800470003>-82.6<00450052005100470056000F0003>-82.5<0057004B004C00560003>-82.5<005A00520058004F00470003>-82.5<00500048004400510003>-82.5<0057005500440046004E004C0051004A0003>-82.5<0057004B0048>3.1<0003>]TJ 0 Tc 0 Tw T* [<004C005100C000440057004C005200510003>-50.9<004C00510003>-51.2<0057004B00480003>-51.1<00580051004700480055004F005C004C0051004A0003>-50.9<0046005800550055004800510046004C004800560003>-50.8<0044005100470003>-51.3<0056004800570057004C0051004A0003>-50.9<004400510003>-51.2<004C00510057004800550048005600570003>-50.8<0055004400570048>0.5<0003>-51.4<0044005300530055005200530055004C004400570048004F005C>65.9<00110003>-51.4<00250048004600440058005600480003>]TJ /TT1 1 Tf 0.003 Tc 0.082 Tw T* [(t)0.7(h)0.5(e)0.6( SDR)0.5( c)0.7(a)0.6(n)0.5( b)0.5(e)0.7( r)0.5(e)0.7(p)0.5(l)0.7(i)0.6(c)0.7(a)0.6(t)0.7(e)0.6(d)0.5( b)0.5(y)0.5( h)0.5(o)0.5(l)0.7(d)0.5(i)0.7(ng)0.6( t)0.6(h)0.5(e)0.7( u)0.5(nd)0.6(e)0.6(r)0.5(l)0.7(y)0.5(i)0.6(n)0.5(g)0.5( c)0.7(u)0.5(r)0.5(r)0.5(e)0.6(n)0.5(c)0.7(i)0.6(e)0.7(s i)0.7(n)0.5(d)0.5(i)0.6(v)0.5(i)0.7(d)0.5(u)0.5(a)0.7(l)0.6(l)0.7(y)65.4(,)0.5( i)0.7(t)0.6( wo)0.5(u)0.5(l)0.6(d)3.1( )]TJ 0 Tc 0.034 Tw T* (also be necessary for the SDR to be in such widespread use in the privat\ e sector that its )Tj 0.028 Tw T* [(utility )1.3(exceeded )1(that )0.9(of self-repl)0.5(ication. )56.4(As the )0.7(IMF has noted, )0.8(this )0.5(is )0.5(the )0.7(major )0.9(obstacle )]TJ /C2_0 1 Tf 0 Tw T* [<005700520003>-65.6<00570044004E00480010005800530003>-65.7<005200490003>-65.9<00360027003500560003>-65.9<0045005C0003>-65.8<0057004B00480003>-65.5<00530055004C00590044005700480003>-65.5<0056004800460057005200550003>-65.4<004C00510003>-65.7<0057004B00480003>-65.4<00BF0055005600570003>-66<0053004F004400460048001D0003>-65<0057004B00480003>-65.5<004F00440046004E0003>-65.3<005200490003>-65.8<005100480057005A00520055004E0003>-65.6<004500480051004800BF005700560003>]TJ /TT1 1 Tf T* [(that are attached to incumbent reserve currencies, particularly the US d\ ollar)60.4(.)]TJ /C2_0 1 Tf -0.002 Tc 0.002 Tw 1.701 -1.5 Td [<002C005100030015001300140019000F0003004C005100030057004B0048000300460052005100570048005B005700030052004900030057004B0048000300350030002500B6>55.1<005600030053004800510047004C0051004A0003004C00510046004F00580056004C00520051000F00030057004B00480003002C0030002900030053005500520047005800460048004700030044000300450055004C004800BF0051004A>-2<0003>]TJ /TT1 1 Tf 0 Tc 0.048 Tw -1.701 -1.5 Td [(note )0.7(on the )0.7(SDR \(IMF)79.8(, 2016\). )18.4(The )]TJ /TT2 1 Tf 14.373 -0 Td [(2016 IMF )0.5(Note)]TJ /TT1 1 Tf 6.261 0 Td [( distinguishes )0.7(between )0.8(the )0.7(\(existing\) )]TJ /C2_0 1 Tf 0.003 Tc -0.003 Tw -20.634 -1.5 Td [<0046>0.7<0052>0.5<0050>0.8<0053>0.5<0052>0.5<0056004C>0.7<0057>0.8<0048>0.6<0003>-81.9<0055>0.5<0048>0.7<00560048>0.7<0055>0.5<0059>0.6<0048>0.7<0003>-82<0044>0.7<005600560048>0.7<0057>0.7<0003>-82<0058>0.6<00560048>0.7<0047>0.5<0003>-81.9<0045>0.5<005C>0.6<0003>-82<0057>0.7<004B>0.6<0048>0.7<0003>-82<0052>0.5<0049>0.6<00BF0046>0.7<004C>0.7<0044>0.7<004F>0.7<0003>-82<00560048>0.7<0046>0.7<0057>0.7<0052>0.6<0055>0.5<0003>-81.9<000B>0.5<00320010>0.5<003600270035>0.5<000C>0.6<000F>0.5<0003>-81.9<003600270035>0.6<0010>0.5<0047>0.6<0048>0.6<0051>0.6<0052>0.5<0050>0.8<004C>0.7<0051>0.5<0044>0.7<0057>0.7<0048>0.7<0047>0.6<0003>-82<0044>0.7<005600560048>0.7<0057>0.7<0056>2.8<0003>]TJ /TT1 1 Tf 0.015 Tc 0.082 Tw T* [(a)0.5(nd l)0.5(i)0.5(a)0.5(bi)0.5(l)0.5(i)0.5(t)0.5(i)0.5(e)0.5(s use)0.5(d by a)0.5(nyone)0.5( \(M-SDR\), a)0.5(nd t)0.5(he)0.5( SDR use)0.5(d as a)0.5( uni)0.5(t)0.5( of a)0.5(c)0.5(c)0.5(ount)0.5(. In)15( )]TJ 0 Tc 0.026 Tw T* [(regard )0.8(to )0.7(M-SDRs, the )0.8(IMF suggests )0.5(that )1(SDR assets )0.5(may )0.8(be )0.7(attractive )1.5(to )0.6(investors )0.7(in )0.7(a )]TJ 0 Tw 0 -1.55 TD (regime with capital controls )Tj 11 0 0 11 186.6926 148.8899 Tm [(\(IMF)79.8(, 2016, p. 8\))]TJ 10 0 0 10 262.1995 149.2209 Tm (:)Tj 0.027 Tc 0.083 Tw 9 0 0 9 89.2913 135.552 Tm [(For example, in China, there may be untapped demand among domestic inves\ )-0.6(tors)26.8( )]TJ 0.016 Tc 0 -1.667 TD [(for )0.5(exposure )0.5(to reserve )0.5(currencies as capital )0.5(controls )0.5(are gradually )0.5(lifted. )0.5(From )0.5(this)15.8( )]TJ 0 Tc 0.05 Tw 0 -1.667 TD [(perspective, )1.3(M-SDRs issued )0.5(in )0.7(the )0.9(onshore )0.5(market )1.2(could )0.8(potentially )1.7(reduce )0.8(demand )1(for )]TJ /C2_0 1 Tf 0.001 Tc -0.001 Tw 0 -1.667 TD [<0049005200550048004C004A00510003>-82.9<0046005800550055004800510046005C0003>-82.8<0044005100470003>-82.9<0055004800470058004600480003>-82.8<004600440053004C00570044004F0003>-82.9<00520058005700C00052005A00560003>-82.9<0045005C0003>-82.8<0044004F004F0052005A004C0051004A0003>-82.8<004700520050004800560057004C00460003>-82.8<005000440055004E004800570003>-82.8<0053004400550057004C0046004C00530044005100570056>0.8<0003>]TJ /TT1 1 Tf 0 Tc 0 Tw 0 -1.722 TD (to diversify their foreign exchange risk.)Tj 0.053 Tw 10 0 0 10 89.2913 59.7209 Tm [(The idea )0.6(of potential )1(demand )0.6(in the Chinese mainland )0.9(for SDRs is taken )0.6(further in )]TJ ET endstream endobj 101 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (48)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.027 Tw 10 0 0 10 55.2756 599.7209 Tm [(system if SDR )-0.6(composition is expanded to include such currenc)0.5(ies \(it was )-0.6(subsequently )]TJ 0.012 Tc 0.082 Tw 0 -1.5 TD [(expanded to include the RMB in 2016\). )17.7(This would come at a cost if the currencies)11.8( )]TJ 0 Tc 0 Tw T* (concerned are less readily available or have more volatile exchange rate\ s.)Tj 0.029 Tc 0.082 Tw 1.701 -1.5 Td [(T)0.5(he IMF highl)0.5(i)0.5(ght)0.5(s t)0.5(he)0.5( di)0.5(f)18.3(fi)0.5(c)0.5(ul)0.5(ti)0.5(e)0.5(s i)0.5(n i)0.5(m)0.5(ple)0.5(m)0.5(ent)0.5(a)0.5(ti)0.5(on, inc)0.5(l)0.5(uding the ne)0.5(ed for)4( )]TJ 0 Tc 0.001 Tw -1.701 -1.5 Td [(85 percent of its members to approve substantial increases in SDR )-0.7(allocations. )18.7(There are )]TJ 0.03 Tw T* [(also possible perverse incentives)0.8( if SDR allocations )0.9(are expanded, and possible mis-use )]TJ /C2_0 1 Tf 0 Tw T* [<005200490003>-10.3<0057004B00480003>-10<0036002700350003>-10.7<000B00480011004A00110003>-10.2<005700520003>-10.1<00490058005100470003>-10.4<0053005500520046005C0046004F004C00460044004F0003>-9.2<0048005B0053004400510056004C00520051000C00110003>-10<002A004C0059004800510003>-10.2<0057004B00480003>-10<004F004C00540058004C0047>0.5<004C0057005C0003>-10<0047004800BF0046004C004800510046005C0003>-9.7<005200490003>-10.3<0036002700350056000F0003>]TJ T* [<005000440055004E004800570003>-66.2<00500044004E004C0051004A0003>-66.3<00560058005300530052005500570003>-66.8<0049005200550003>-66.8<0052004900BF0046004C0044004F0003>-66.4<0056004800460057005200550003>-66.5<0036002700350003>-67.1<0044005600560048005700560003>-66.8<005A00520058004F00470003>-66.8<004500480003>-66.8<004700480056004C005500440045004F0048000F0003>-66.2<005A004C0057004B0003>-66.6<005300480055004B0044005300560003>]TJ /TT1 1 Tf T* [(the IMF acting as a market maker)57.1(.)]TJ -0.01 Tc 0.02 Tw 1.701 -1.5 Td [(Ocampo \(2015\) proposes that SDR allocations be made by the IMF counter\ cyclically)64.9(, )]TJ /C2_0 1 Tf 0.004 Tc -0.004 Tw -1.701 -1.5 Td [<004C00510003>-82.5<00440050005200580051005700560003>-82.5<00440059004800550044004A004C0051004A0003>-82.5<005300480055004B0044005300560003>-82.4<0057004B00480003>-82.5<004800540058004C00590044004F0048005100570003>-82.5<005200490003>-82.5<00380036000700150013001300B1001600130013004500510003>-82.4<0053004800550003>-82.4<005C004800440055>55.2<0011>]TJ /TT1 1 Tf 0 Tc 0 Tw 5.83 0 0 5.83 357.0246 454.4315 Tm (3)Tj 0.004 Tc 0.064 Tw 10 0 0 10 359.9626 449.7209 Tm [( This )-18.5(would)14( )]TJ 0.03 Tc 0.083 Tw -30.469 -1.5 Td [(have )0.5(the )0.5(following )0.5(advantages. )0.5(First, )0.5(all )0.5(IMF )0.5(members )0.5(would )0.5(enjoy )0.5(seigniorage.)40( )]TJ -0.01 Tc 0.071 Tw T* [(Second, counter)20(-cyclical issuance would help counteract the abovementioned problem of )]TJ -0.011 Tc 0 Tw T* [(reces)-0.6(sionary bias)-0.6( in the current system. )17.7(Third, it would provide members w)-0.6(ith a less-costly)-1( )]TJ -0.01 Tc 0.009 Tw T* (method of building up reserves for self-insurance, reducing their need f\ or self-insurance in )Tj /C2_0 1 Tf 0.01 Tw T* <0057004B0048000300BF00550056005700030053004F0044004600480011>Tj /TT1 1 Tf 0.016 Tc 0.083 Tw 1.701 -1.5 Td [(All IMF lending and operations would be denominated in SDRs, with the SD\ R)16( )]TJ 0 Tc 0.081 Tw -1.701 -1.5 Td [(liabilities )1.7(extinguished )1(on repayment )0.8(of the )0.7(loan )0.6(from )0.5(the )0.7(Fund, making )0.8(SDR creation )]TJ 0.005 Tc 0.083 Tw T* [(analogous to money creation by central banks, and obviating the need for\ the present)5.1( )]TJ 0.01 Tc 0.082 Tw T* [(system of IMF member quotas. )17.8(The allocation of SDRs could be fine-tuned to favor)10( )]TJ 0 Tc 0.075 Tw T* [(developing )0.5(countries, and perhaps also to penalize )0.8(countries that accumulate )1.1(excessive )]TJ 0 Tw T* (reserves or run up substantial current account surpluses.)Tj 0.01 Tw 1.701 -1.5 Td [(Under Ocampo )0.5(\(2015\), the core role of the SDR would be to act )0.5(as the reserve asset )]TJ 0.011 Tc 0.083 Tw -1.701 -1.5 Td [(and )0.6(transaction medium )0.5(for )0.5(central )0.5(banks, )0.5(and )0.5(perhaps )0.5(also )0.5(for )0.5(financial )0.5(institutions)10.9( )]TJ 0.005 Tc T* [(interacting w)-0.6(ith their central bank. In such cas)-0.6(e, central banks would need to convert)5.2( )]TJ 0.011 Tc 0.082 Tw T* [(SDR)0.6(s i)0.7(n)0.5(t)0.7(o)0.6( t)0.7(h)0.5(e)0.7( u)0.6(n)0.5(d)0.5(e)0.7(r)0.5(l)0.7(y)0.6(i)0.7(n)0.5(g)0.5( c)0.7(u)0.6(r)0.5(r)0.5(e)0.7(n)0.5(c)0.7(i)0.7(e)0.7(s t)0.7(o)0.5( i)0.8(n)0.5(t)0.7(e)0.7(r)0.5(v)0.5(e)0.7(n)0.5(e)0.7( i)0.7(n)0.6( f)0.5(o)0.6(r)0.5(e)0.7(i)0.7(g)0.5(n)0.5( e)0.6(x)0.6(c)0.7(h)0.5(a)0.7(n)0.5(g)0.5(e)0.7( m)0.6(a)0.7(r)0.6(k)0.5(e)0.7(t)0.7(s.)0.6( )18.1(T)0.7(h)0.5(i)0.7(s,)11( )]TJ 0.005 Tc 0.083 Tw T* [(in turn, would require the IMF to operate a substitution account, enabli\ ng conversion)5( )]TJ 0 Tc 0.082 Tw T* [(between SDRs )-0.8(and the underlying national currencies. )18.3(When the idea of a substitution )]TJ /C2_0 1 Tf 0 Tw T* [<00440046004600520058005100570003>-49.5<005A004400560003>-50.2<00550044004C0056004800470003>-49.9<004C00510003>-49.9<0057004B00480003>-49.7<0014001C001A00130056000F0003>-50.3<004C00570003>-49.7<005600570044004F004F004800470003>-49.4<005200510003>-50.1<0057004B00480003>-49.8<00540058004800560057004C005200510003>-49.7<005200490003>-50.1<005A004B00520003>-50.1<0056004B00520058004F00470003>-50<00450048004400550003>-49.8<0057004B00480003>-49.8<004600520056005700560003>]TJ /TT1 1 Tf 0.039 Tw T* [(and )0.7(risks of )0.5(conversion. )0.8(However)40(, )0.6(Ocampo )0.8(considers )0.7(the )0.8(costs )0.6(to )0.7(be )0.7(small )1(\(zero )0.8(for )0.5(the )]TJ 0 Tw T* (world as a whole\); if so, the issue should be manageable.)Tj 5.83 0 0 5.83 282.9953 154.4314 Tm (4)Tj 0.003 Tc 0.082 Tw 10 0 0 10 72.2834 134.7209 Tm [(In the private sector)40.2(, there is generally no natural demand for or supply of SDRs,)3( )]TJ 0 Tc 0.027 Tw -1.701 -1.51 Td [(given the powerful network ef)18.2(fects of existing )0.6(currencies. )55.7(Attem)0.5(pts to develop a private )]TJ 0.073 Tw 0 -1.51 TD [(sector )0.8(SDR bond )0.5(market )1.2(in )0.6(the )0.9(1980s were )0.7(not )0.6(successful, )0.7(partly )0.7(because )0.9(issuers were )]TJ ET 0 0 0 1 K 0.5 w q 1 0 0 1 55.2756 84.9449 cm 0 0 m 119.055 0 l S Q BT /TT1 1 Tf 0 Tw 4.664 0 0 4.664 55.2756 72.3956 Tm (3)Tj 8 0 0 8 57.6076 68.6272 Tm [(The IMF itself suggests issuance of US$200bn-equivalent annually \(IMF)81.6(, 2016\).)]TJ 4.664 0 0 4.664 55.2756 60.3956 Tm (4)Tj 8 0 0 8 57.6076 56.6272 Tm (It should be noted that other commentators are not so sanguine; see McCa\ uley \(2015\).)Tj ET endstream endobj 100 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (47)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.049 Tw 10 0 0 10 72.2835 599.7209 Tm [(country members it is essentially )0.7(just a factor to consider in their reserves management )]TJ 0.035 Tc 0.083 Tw 0 -1.5 TD [(\(witness recent initiatives of central banks to acquire RMB assets foll\ owing the)35.1( )]TJ 0.008 Tc 0.082 Tw T* [(inclusion of the RMB in the SDR\). )17.8(The SDR represents reserves denominated in US)7.8( )]TJ /C2_0 1 Tf 0.003 Tc -0.003 Tw T* [<00470052004F004F0044005500560003>-82.7<000B001700140011001A00160003>-82.7<0053004800550046004800510057000C000F0003>-82.8<004800580055005200560003>-82.7<000B001600130011001C00160003>-82.7<0053004800550046004800510057000C000F0003>-82.7<00250055004C0057004C0056004B0003>-82.7<0053005200580051004700560003>-82.8<0056005700480055004F004C0051004A0003>-82.8<000B001400130011001C00150003>-82.8<0053004800550046004800510057000C000F>3.1<0003>]TJ /TT1 1 Tf 0.001 Tc 0.083 Tw T* [(Chines)-0.6(e RM)-0.6(B \(8.33 percent\) and J)-0.6(apanese yen \(8.09 percent\). )18.1(The RMB element w)-0.6(as)0.8( )]TJ 0 Tc 0.026 Tw T* [(newly )0.6(introduced )0.5(in )0.6(October )0.7(2016, although )1(the )0.7(RMB is )0.5(not )0.6(as freely )0.9(convertible )1.4(as the )]TJ 0 Tw T* [(other four currencies. )19(The current amount is SDR204.2bn \(US$291bn\).)]TJ 5.83 0 0 5.83 357.3176 514.4315 Tm (1)Tj 0.005 Tc 0.082 Tw 10 0 0 10 89.2913 494.7209 Tm [(Me)0.6(m)0.5(be)0.5(rs m)0.6(a)0.5(y ne)0.5(e)0.6(d t)0.5(o buy or se)0.5(l)0.6(l)0.5( SDRs t)0.6(o m)0.6(a)0.5(i)0.6(nt)0.5(a)0.6(i)0.5(n t)0.5(he)0.6(i)0.5(r obl)0.5(i)0.6(ga)0.5(t)0.6(i)0.5(ons t)0.5(o t)0.6(he)0.5( IMF)80.3(.)5( )]TJ /C2_0 1 Tf 0.03 Tc -0.03 Tw -1.701 -1.5 Td [<0036004C>0.5<00510046>0.5<0048>0.5<0003>-82.2<0014001C001B001A000F0003>-82.2<0036002700350003>-82.2<0057>0.5<00550044>0.5<005100560044>0.5<0046>0.5<0057>0.5<004C>0.5<0052005100560003>-82.2<0049005200550003>-82.2<0057>0.5<004B0048>0.5<00560048>0.5<0003>-82.2<005300580055005300520056004800560003>-82.2<004B0044>0.5<00590048>0.5<0003>-82.2<00450048>0.5<0048>0.5<00510003>-82.2<00590052004F>0.5<005800510057>0.5<0044>0.5<0055005C0003>-82.1<0044>0.5<0050>0.5<00520051004A0003>-82.1<0057>0.5<004B0048>30.1<0003>]TJ /TT1 1 Tf 0.016 Tc 0.083 Tw T* [(members themselves, but the IMF has the power to designate members with \ strong)16( )]TJ 0 Tc 0.067 Tw T* [(external )1.2(positions )0.5(to )0.6(buy SDRs from )0.6(members )0.8(with )0.6(weak )0.5(exter)0.5(nal )0.7(positions, )0.6(subject )0.9(to )]TJ 0.083 Tw T* [(given limits)-0.6(. In the past, s)-0.6(everal countries)-0.6( pegged their currency to the S)-0.6(D)-0.6(R, although )]TJ 0.005 Tc 0.082 Tw T* [(ideally such a basket should be trade-weighted and the SDR is probably n\ o country\222)55.3(s)4.8( )]TJ 0 Tc 0 Tw T* (ideal basket.)Tj /Span<>> BDC ( )Tj EMC 0.003 Tc 0.082 Tw 1.701 -1.5 Td [(Pri)0.5(vat)0.5(e)0.5( pa)0.5(rt)0.5(i)0.5(es do not)0.5( ge)0.5(neral)0.5(l)0.5(y use)0.5( SDRs. )55(A)55.3( fe)0.5(w SDR bond i)0.5(ssue)0.5(s \(by t)0.5(he)0.5( )17.8(W)80.6(orl)0.5(d)3( )]TJ 0.004 Tc 0.083 Tw -1.701 -1.5 Td [(Bank, the Standard Chartered Bank and China Development Bank )0.5([CDB]\) took )0.5(place)4.2( )]TJ 0 Tc 0.058 Tw T* [(after )0.9(the 2016 )0.5(announcement )1.3(that )0.8(the )0.8(RMB would )0.5(be )0.6(included )1.2(in )0.6(the )0.8(SDR.)]TJ 0 Tw 5.83 0 0 5.83 378.2912 364.4315 Tm (2)Tj 0.039 Tw 10 0 0 10 381.2061 359.7209 Tm [( The )-18.2(issues )]TJ 0.017 Tc 0.083 Tw -30.892 -1.5 Td [(were made in the Chinese mainland, in the interbank market \(in CDB\222)54.8(s cas)-0.6(e in the)17.2( )]TJ 0 Tc 0 Tw T* [(Shanghai Free )18.5(T)35.4(rade Zone\), and were settled in RMB.)]TJ /TT2 1 Tf 8.756 -3.228 Td (2. Expanding Use of Special Drawing Rights)Tj /C2_0 1 Tf -8.756 -1.473 Td <0037004B00480003002C0030002900030056004800480056000300490052005800550003004500480051004800BF0057005600030057005200030048005B005300440051004700480047000300580056004800030052004900030036005300480046004C0044004F0003002700550044005A004C0051004A00030035004C004A004B005700560003000B002C00300029>Tj 30.637 0 Td [<000F0003001500130014>37.1<0014000C001D>]TJ /TT3 1 Tf -28.936 -1.5 Td (1 )Tj /TT1 1 Tf 0.027 Tw 0.777 0 Td [(Reduced reserves imbalances )0.9(and strengthened )0.6(global safety net. SDR allocations )]TJ 0.04 Tc 0.082 Tw -2.478 -1.5 Td [(wou)0.5(l)0.6(d be)0.6( a)0.6( l)0.6(o)0.5(we)0.6(r)20.4(-)0.5(c)0.6(ost)0.6( a)0.5(l)0.7(t)0.6(e)0.6(rna)0.7(t)0.6(i)0.6(ve)0.6( t)0.6(o re)0.6(se)0.6(r)0.5(ve)0.6(s a)0.6(c)0.6(c)0.6(u)0.5(m)0.6(ul)0.7(a)0.5(t)0.7(i)0.6(on)0.5( v)0.5(i)0.6(a)0.6( t)0.6(r)0.5(a)0.6(de)0.6( surp)0.5(l)0.6(us or)40( )]TJ 0.032 Tc 0.083 Tw T* [(borrowing. SDR allocations, analogous to swap lines, would obviate the n\ eed to)32( )]TJ 0.018 Tc 0.082 Tw T* [(l)0.6(i)0.5(qui)0.5(da)0.6(t)0.5(e)0.5( a)0.6(sse)0.6(t)0.5(s i)0.6(n a)0.6( c)0.5(ri)0.5(si)0.6(s wi)0.6(t)0.5(h t)0.6(he)0.6( a)0.5(ssoc)0.6(i)0.5(a)0.6(t)0.5(e)0.5(d de)0.5(st)0.5(a)0.6(bi)0.6(l)0.5(i)0.6(z)0.5(i)0.6(ng e)0.6(f)18.4(fe)0.5(c)0.6(t)0.5(s, a)0.6(nd woul)0.5(d he)0.5(l)0.6(p)18( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* <00550048004700580046004800030057004B00480003004C00510046004800510057004C005900480003005700520003004400460046005800500058004F0044005700480003005500480056004800550059004800560003004C005100030057004B0048000300BF00550056005700030053004F0044004600480011>Tj /TT3 1 Tf 1.701 -1.5 Td (2)Tj /C2_0 1 Tf 0.5 0 Td [<0003>-57<00310048005A0003>-57.1<00550048005600480055005900480003>-56.7<00440056005600480057000F0003>-57<0044004F004F0052005A004C0051004A0003>-56.4<0057004B00480003>-56.7<00290058005100470003>-57.1<00C00048005B004C0045004C004F004C0057005C0003>-56.1<004C00510003>-56.8<00440058004A0050004800510057004C0051004A0003>-56.1<004C005700560003>-56.8<005500480056005200580055004600480056000F0003>-56.8<0044005100470003>]TJ /TT1 1 Tf 0.007 Tc 0.082 Tw -2.201 -1.5 Td [(p)0.5(r)0.6(e)0.7(v)0.5(e)0.7(n)0.5(t)0.8(i)0.7(n)0.5(g)0.6( t)0.7(h)0.5(e)0.7( d)0.5(i)0.7(so)0.5(r)0.6(d)0.5(e)0.7(r)0.6(l)0.7(y)0.5( l)0.8(i)0.7(q)0.5(u)0.5(i)0.8(d)0.5(a)0.7(t)0.7(i)0.7(o)0.6(n)0.5( o)0.6(f)0.5( t)0.7(h)0.5(e)0.7( e)0.7(x)0.6(i)0.7(st)0.7(i)0.7(n)0.5(g)0.6( st)0.7(o)0.5(c)0.7(k)0.6( o)0.6(f)0.5( a)0.7(sse)0.7(t)0.7(s.)0.5( \()0.5(I)0.5(n)0.6( f)0.5(a)0.7(c)0.7(t)0.7(,)0.6( t)0.7(h)0.6(e)0.7( I)0.5(MF)6.9( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* <0050004400470048000300440003005600500044004F004F0003004C005600560058004800030052004900030036002700350003005100520057004800560003004C00510003001500130013001C0003003E00360027003500160011001500450051004000030057005200030057004B004800030052004900BF0046004C0044004F0003005600480046005700520055>Tj 29.719 0 Td <0011000C>Tj /TT3 1 Tf -28.018 -1.5 Td (3 )Tj /TT1 1 Tf 0.067 Tw 0.817 0 Td [(Reduced impa)0.5(ct of exchange rate swings if the SDR is used as a unit of account )]TJ 0.014 Tc 0.082 Tw -2.518 -1.5 Td [(f)0.5(o)0.5(r)0.5( p)0.6(ri)0.7(c)0.6(i)0.7(n)0.5(g)0.5( t)0.6(r)0.5(a)0.7(de)0.7( a)0.6(n)0.5(d)0.5( f)0.5(i)0.7(n)0.5(a)0.6(n)0.5(c)0.6(i)0.7(a)0.6(l)0.7( a)0.6(sse)0.7(t)0.6(s,)0.5( p)0.5(e)0.7(g)0.5(g)0.5(i)0.6(n)0.5(g)0.5( c)0.6(u)0.5(r)0.5(r)0.5(e)0.6(n)0.5(c)0.7(i)0.6(e)0.7(s,)0.5( a)0.6(n)0.5(d)0.5( k)0.5(e)0.7(e)0.6(p)0.5(i)0.7(n)0.5(g a)0.7(c)0.6(c)0.7(o)0.5(u)0.5(nt)0.7(s a)0.7(n)0.5(d)14( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* <0052004900BF0046004C0044004F00030056005700440057004C00560057004C004600560011>Tj /TT3 1 Tf 0.034 Tc -0.034 Tw 1.701 -1.5 Td (4 )Tj /TT1 1 Tf 0.083 Tw 0.901 0 Td [(Accommodating emer)17.8(ging market currencies in the international monetary)34( )]TJ ET 0 0 0 1 K 0.5 w q 1 0 0 1 72.2834 84.9449 cm 0 0 m 119.055 0 l S Q BT /TT1 1 Tf 0 Tc 0 Tw 4.664 0 0 4.664 72.2834 72.3956 Tm (1)Tj 8 0 0 8 74.6154 68.6272 Tm (Data are from the IMF website.)Tj 4.664 0 0 4.664 72.2834 60.3956 Tm (2)Tj 8 0 0 8 74.6154 56.6272 Tm [(See the )18.5(W)80.3(orld Bank \(2016\), Reuters \(2016\) and China Daily \(2016\) for detail\ s of these cases.)]TJ ET endstream endobj 99 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (46)Tj 0 0 0 1 k /GS1 gs /C2_0 1 Tf -0.001 Tc 0.001 Tw 10 0 0 10 55.2756 599.7209 Tm [<000B004400510003002C0030>-0.6<0029>-0.7<00100050004400510044004A004800470003004900440046004C004F004C0057005C000300490052005500030046005200510059004800550057004C0051004A0003004500480057005A>-0.7<004800480051000300BF>-0.6<0044005700030046005800550055004800510046004C00480056>-0.6<000300440051004700030036>-0.6<0027>-0.6<00350056>-0.6<000C00110003002C005100030057004B004C0056>-0.6<0003005A>-0.7<0044005C>64.5<000F>-1<0003>]TJ /TT1 1 Tf 0 Tw 0 -1.5 TD [(Ocampo\222)54.9(s tw)-0.6(o-pronged approach would, to some extent, coalesce into a single initiat\ ive.)-1( )]TJ 0.04 Tc 0.083 Tw 1.701 -1.5 Td [(Implementation of even O)-0.6(campo\222)54.8(s)-0.6( propos)-0.6(als)-0.6( w)-0.6(ould depend on fundamental)40.2( )]TJ 0.025 Tc -1.701 -1.5 Td [(s)-0.6(teps)-0.6( being taken by the IM)-0.6(F)-0.6( \(requiring the authorization of its)-0.6( members)-0.6(\) and by)25( )]TJ 0.017 Tc 0.082 Tw T* [(m)0.7(a)0.7(j)0.7(o)0.5(r)0.5( so)0.5(v)0.6(e)0.6(r)0.6(e)0.6(i)0.7(g)0.5(n)0.6(s,)0.6( wh)0.5(i)0.7(c)0.7(h)0.5( m)0.7(a)0.7(y)0.5( b)0.6(e)0.6( u)0.5(n)0.5(l)0.7(i)0.7(k)0.5(e)0.7(l)0.7(y)0.5( i)0.7(n)0.5( t)0.7(h)0.5(e)0.7( c)0.7(u)0.5(r)0.6(r)0.5(e)0.7(n)0.5(t)0.7( e)0.7(n)0.5(v)0.5(i)0.7(r)0.5(o)0.6(n)0.5(m)0.7(e)0.7(n)0.5(t)0.7(.)0.5( E)0.7(n)0.6(h)0.5(a)0.6(n)0.6(c)0.7(e)0.6(m)0.7(e)0.7(n)0.5(t)17.2( )]TJ 0.028 Tc T* [(and propagation of the SDR alone will not solve the world\222)55.3(s monetary problems.)28( )]TJ 0.025 Tc T* [(Nonet)0.5(he)0.5(le)0.5(ss, t)0.5(he present)0.5( pa)0.5(pe)0.5(r suggests tha)0.5(t enhance)0.5(ment)0.5( of the)0.5( role)0.5( of the SDR,)24.9( )]TJ 0.03 Tc 0.083 Tw T* [(even pursued in isolation and to a limited extent, would be helpful. )0.5(Moreover)39.9(, it)30.1( )]TJ 0.02 Tc T* [(is)-0.6( an initiative that could be taken by the Chinese mainland unilaterally:\ as)-0.6(suming)20( )]TJ 0.003 Tc 0.082 Tw T* [(p)0.5(a)0.7(ssi)0.7(v)0.5(e)0.7( c)0.7(o)0.5(o)0.5(p)0.5(e)0.7(r)0.5(a)0.7(t)0.7(i)0.7(o)0.5(n)0.5( f)0.5(r)0.6(o)0.5(m)0.7( t)0.7(h)0.5(e)0.7( I)0.5(MF a)0.7(n)0.5(d)0.5( m)0.7(a)0.6(j)0.7(o)0.5(r)0.5( so)0.5(v)0.6(e)0.6(r)0.5(e)0.7(i)0.7(g)0.5(n)0.5(s,)0.5( a)0.7(n)0.5(d)0.6( Ho)0.5(n)0.6(g)0.5( Ko)0.5(n)0.5(g)0.5(\222)55.7(s su)0.5(p)0.6(p)0.5(o)0.5(r)0.5(t)0.7( i)0.7(n)3( )]TJ 0.012 Tc T* [(i)0.5(m)0.6(pl)0.5(e)0.6(m)0.5(e)0.5(nt)0.6(a)0.5(t)0.5(i)0.6(on. If progre)0.5(ss c)0.5(oul)0.5(d be)0.6( m)0.6(a)0.5(de)0.5( vi)0.5(a)0.6( suc)0.6(h uni)0.5(l)0.6(a)0.5(t)0.6(e)0.5(ra)0.5(l)0.5( a)0.6(c)0.5(t)0.5(i)0.6(on on t)0.5(he)0.5( SDR, i)0.5(t)12.2( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* <005A00520058004F00470003004500480003004500480051004800BF0046004C0044004F000300440051004700030050004C004A004B00570003004B0048004F0053000300460055004800440057004800030049004400590052005500440045004F004800030046005200510047004C0057004C0052005100560003004900520055000300500052005500480003004A00480051004800550044004F00030055004800490052005500500011>Tj /TT2 1 Tf 11 0 0 11 127.8926 401.5858 Tm (III. Development of Special Drawing Rights)Tj 10 0 0 10 206.482 370.4359 Tm (1. Present Role)Tj /C2_0 1 Tf 0.002 Tc -0.002 Tw -15.121 -1.473 Td [<0037>0.7<004B>0.5<0048>0.7<0055>0.5<0048>0.7<0003>-82<004C>0.7<00560003>-82<0056004C>0.7<004A>0.5<0051>0.5<004C>0.7<00BF0046>0.6<0044>0.7<0051>0.5<0057>0.7<0003>-81.9<0044>0.7<004A>0.5<0055>0.5<0048>0.7<0048>0.6<0050>0.7<0048>0.7<0051>0.5<0057>0.7<0003>-81.9<0044>0.6<0050>0.7<0052>0.5<0051>0.6<004A>0.5<0003>-82<0048>0.7<005B>0.5<0053>0.6<0048>0.6<0055>0.5<0057>0.7<00560003>-82<0057>0.7<004B>0.6<0044>0.6<0057>0.7<0003>-82<0057>0.7<004B>0.6<0048>0.6<0003>-81.9<003600270035>0.5<0003>-81.9<0046>0.6<0052>0.6<0058>0.5<004F>0.7<0047>0.5<0003>-82<0053>0.6<004F>0.7<0044>0.6<005C>0.6<0003>-82<0044>0.7<0003>-82<0050>0.7<0044>0.7<004D>0.6<0052>0.6<0055>0.5<0003>-82<0055>0.5<0052>0.5<004F>0.7<0048>0.7<0003>-81.9<004C>0.6<0051>2<0003>]TJ /TT1 1 Tf 0 Tc 0.064 Tw T* [(reforming the international )0.8(monetary architecture. )1(However)40(, for this to be possible, the )]TJ 0.032 Tw T* [(SDR must develop substantially )1.2(from the )0.6(relatively )1.5(minor )0.6(scale and )0.5(limited )1.3(scope of its )]TJ 0 Tw T* (present role.)Tj 0.067 Tw 1.701 -1.5 Td [(The SDR is a unit of account )0.7(originally )0.8(created )0.8(by the IMF in 1969 to support the )]TJ 0 Tw -1.701 -1.5 Td [(rese)0.5(rve)0.5(s ma)0.5(na)0.5(gem)0.5(ent of it)0.5(s me)0.5(mber st)0.5(at)0.5(es. )18.4(W)40.4(i)0.5(th t)0.5(he)0.5( expansi)0.5(on of int)0.5(ernati)0.5(onal)0.5( t)0.5(rade a)0.5(nd )]TJ /C2_0 1 Tf T* [<00BF00510044005100460048000F0003>-59.5<00500048005000450048005500560003>-59.3<004900440046004800470003>-59.4<00440003>-59.6<0056004B0052005500570044004A00480003>-59.5<005200490003>-59.8<0057004B00480003>-59.4<0048005B004C00560057004C0051004A0003>-59.4<00550048005600480055005900480003>-59.5<0044005600560048005700560003>-59.8<000B004A0052004F00470003>-59.6<0044005100470003>-59.6<003800360003>-60.2<00470052004F004F004400550056000C001E0003>]TJ T* [<0057004B00480003>-56.1<0036002700350003>-56.8<005A004400560003>-56.6<005700520003>-56.3<004500480003>-56.3<00440003>-56.3<0056005800530053004F0048005000480051005700110003>-37.7<0037004B00480003>-56.1<0056004800460052005100470003>-56.3<0044005000480051004700500048005100570003>-55.5<005700520003>-56.3<0057004B00480003>-56.3<002C0030002900B6>54.9<00560003>-56.6<004400550057004C0046004F004800560003>-55.7<004C00510003>-56.3<0014001C001A001B0003>]TJ /TT1 1 Tf 0.016 Tc 0.082 Tw T* [(i)0.7(nt)0.7(e)0.7(nd)0.5(e)0.7(d)0.5( t)0.6(o)0.5( m)0.7(a)0.6(k)0.5(e)0.6( t)0.7(h)0.5(e)0.6( SDR)0.5( \223)0.6(t)0.7(h)0.5(e)0.6( p)0.5(r)0.5(i)0.6(n)0.5(c)0.7(i)0.6(p)0.5(a)0.7(l)0.6( r)0.5(e)0.6(se)0.6(r)0.5(v)0.5(e)0.6( a)0.7(sse)0.7(t)0.6( i)0.7(n)0.5( t)0.6(h)0.5(e)0.7( i)0.7(n)0.5(t)0.6(e)0.7(r)0.5(n)0.5(a)0.6(t)0.7(i)0.6(o)0.5(n)0.5(a)0.6(l)0.7( f)0.5(i)0.6(n)0.5(a)0.7(n)0.5(c)0.6(i)0.7(a)0.6(l)16.2( )]TJ 0.005 Tc T* [(syst)0.5(e)0.5(m)0.5(.\224)0.5( )17.9(T)0.5(he)0.5(re)0.5( we)0.5(re)0.5( proposa)0.5(l)0.6(s for a)0.5( subst)0.5(i)0.6(t)0.5(ut)0.5(i)0.5(on a)0.5(c)0.5(c)0.5(ount)0.5( t)0.5(o re)0.5(pl)0.6(a)0.5(c)0.5(e)0.5( c)0.6(urre)0.5(nc)0.5(y re)0.5(se)0.5(rve)0.5(s)4.8( )]TJ 0 Tc 0.05 Tw T* [(with SDRs; however)40.3(, this would have exposed the IMF )-0.8(to currency risk and the risk of )]TJ 0 Tw T* [(loss on dif)18.1(ferential interest rates and was not pursued. )]TJ 0.039 Tc 0.082 Tw 1.701 -1.5 Td [(An initial round of SDR allocations was made in the amount of SDR9.3bn;)39.1( )]TJ /C2_0 1 Tf 0 Tc 0 Tw -1.701 -1.5 Td [<004B0052005A0048005900480055>40.2<000F0003>-19.5<0057004B00480003>-19.1<00250055004800570057005200510003>-0.9<003A>80.2<00520052004700560003>-19.6<0056005C00560057004800500003>-19<0047004C00470003>-19.3<0051005200570003>-19.3<0056005800550059004C005900480003>-19.3<0057004B00480003>-19.1<0014001C001A00140003>-19.5<00470048004F004C0051004E0044004A00480003>-18.9<005200490003>-19.4<0057004B00480003>-19.2<003800360003>-19.7<00470052004F004F004400550003>]TJ T* [<00490055005200500003>-80<0057004B00480003>-79.8<004A0052004F00470003>-79.9<0056005700440051004700440055004700110003>-79.9<00310052005100480057004B0048004F004800560056000F0003>-79.8<003600270035001000470048005100520050004C005100440057004800470003>-79.4<0044005600560048005700560003>-80.2<005A0048005500480003>-80<004C005600560058004800470003>-80.1<00490055005200500003>-80<0014001C001A001800110003>]TJ /TT1 1 Tf 0.026 Tw T* [(By )0.5(the )0.7(early )0.8(1980s some )0.7(50 banks )0.5(were )0.6(prepared )0.9(to )0.7(accept )1.2(SDR deposits, )0.6(such )0.5(deposits )]TJ /C2_0 1 Tf 0.026 Tc -0.026 Tw T* [<004400500052005800510057004C0051004A0003>-82.3<005700520003>-82.3<003600270035001800B1001A00450051000F0003>-82.3<005A004B004C004F00480003>-82.2<003600270035001800190016005000510003>-82.2<004C00510003>-82.3<003600270035001000470048005100520050004C005100440057004800470003>-82.3<004500520051004700560003>-82.2<004B004400470003>-82.2<0045004800480051>26<0003>]TJ /TT1 1 Tf 0 Tc 0.051 Tw T* [(issued, and SDR908mn of syndicated )0.8(loans had been made. )0.5(Overall, )0.5(the SDR has been )]TJ 0.005 Tc 0.083 Tw T* [(of minor importance, although in 2009, SDR allocations totaling SDR182.6\ bn helped)5( )]TJ 0 Tc 0 Tw T* [(provide liquidity to the global economy during the GFC \(IMF)82.5(, 2016\).)]TJ 0.026 Tc 0.083 Tw 1.701 -1.5 Td [(The )0.5(SDR is )0.5(not )0.5(a currency)64.8(, but merely )0.5(an accounting )0.5(unit, )0.5(and )0.5(for developed)26( )]TJ ET endstream endobj 11 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 12 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 13 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 14 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 15 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 481.89 680.315]/Type/Page>> endobj 110 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (45)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.023 Tc 0.082 Tw 10 0 0 10 72.2835 599.7209 Tm [(a review of the potential role of the SDR. One recent comprehensive comm\ entary)23( )]TJ 0.021 Tc 0.083 Tw 0 -1.5 TD [(proposes: provision of international liquidity through more active use o\ f the SDR;)21.1( )]TJ 0.05 Tc 0.082 Tw T* [(stronger mechanisms of macroeconomic policy cooperation, including great\ er)50( )]TJ 0.032 Tc 0.083 Tw T* [(cooperation )0.5(in )0.5(exchange )0.5(rate )0.5(management )0.5(and )0.5(freedom )0.5(to )0.5(manage )0.5(capital )0.5(flows;)32.2( )]TJ 0.008 Tc T* [(additional automatic balance-of-payments financing facilities and the co\ mplementary)8( )]TJ 0.047 Tc 0.082 Tw T* [(use of swap and regional arrangements; a multilateral sovereign debt wor\ kout)47.1( )]TJ /C2_0 1 Tf 0.007 Tc -0.007 Tw T* [<0050>0.7<0048>0.6<0046>0.7<004B>0.5<0044>0.7<0051>0.5<004C>0.7<00560050>0.7<001E>0.7<0003>-82<0044>0.7<00510047>0.6<0003>-82<0050>0.7<0044>0.6<004D>0.7<0052>0.5<0055>0.5<0003>-82<0055>0.5<0048>0.7<0049>0.5<0052>0.5<0055>0.5<0050>0.7<00560003>-82<0052>0.5<0049>0.5<0003>-81.9<0057>0.6<004B>0.5<0048>0.7<0003>-82<0056005C>0.5<00560057>0.7<0048>0.7<0050>0.6<00B6>55.7<00560003>-82<004A>0.5<0052>0.5<0059>0.5<0048>0.7<0055>0.5<0051>0.5<0044>0.7<0051>0.5<0046>0.6<0048>0.7<0003>-82<000B>0.5<00320046>0.7<0044>0.7<0050>0.6<0053>0.5<0052>0.6<000F>0.5<0003>-82<0015>0.5<0013>0.5<0014>0.5<001A>0.5<000C>0.5<0011>0.5<0003>-26.8<00240051>0.5<0052>0.5<0057>0.7<004B>0.5<0048>0.6<0055>7<0003>]TJ /TT1 1 Tf 0.005 Tc 0.082 Tw T* [(commentary similarly proposes a lar)18.2(ger role for the IMF and the SDR, with the SDR)5( )]TJ T* [(ultimately becoming the only reserve asset \(W)40.4(illiamson, 2016\). )17.8(There has been a call)5.2( )]TJ 0.012 Tc 0.083 Tw T* [(for the creation of \223real SDRs\224; that is, SD)-0.6(Rs)-0.6( with their value linked to a basket of)11.9( )]TJ 0.017 Tc 0.082 Tw T* [(commodities \(recalling the Bretton )17.8(W)80.4(oods gold standard\) through a currency board)17( )]TJ 0 Tc 0 Tw T* [(operating with underlying SDR currencies \(Coats, 201)38.8(1\).)]TJ 0.001 Tc 0.082 Tw 1.701 -1.5 Td [(Conceptually)65.2(, the strongest solution would appear to be some version of Keynes\222)55.4(s)0.8( )]TJ 0 Tc 0.051 Tw -1.701 -1.5 Td [(\223clearing )1.3(union,\224 )0.6(coupled )0.8(with )0.5(issuance of an )0.5(international )1.6(currency )0.6(by a )0.5(supranational )]TJ 0.024 Tc 0.083 Tw T* [(body)64.8(. Under the clearing union, countries would be forced to balance exports\ and)24( )]TJ 0.019 Tc T* [(imports over time, w)-0.6(ith creditor countries automatically financing debtor countries)18.8( )]TJ 0 Tc 0.071 Tw T* [(via a global clearing house or settlement )0.7(system for trade and payments on the current )]TJ /C2_0 1 Tf 0 Tw T* [<004400460046005200580051005700110003>-44.9<002600520058005100570055004C004800560003>-45.1<005A00520058004F00470003>-45.5<0055004800460048004C0059>0.6<00480003>-45.3<0046005500480047004C005700560003>-45<005200550003>-45.5<004700480045004C005700560003>-45.1<004C00510003>-45.3<00440003>-45.4<005100520057004C005200510044004F>0.7<0003>-45.5<00580051004C00570003>-45.1<005200490003>-45.5<00440046004600520058005100570003>-44.9<00BF005B004800470003>-45.4<005700520003>]TJ /TT1 1 Tf 0.001 Tc 0.083 Tw T* [(national currency)64.7(, with such a unit of account not constituting an international reserve)1.2( )]TJ 0 Tc 0.069 Tw T* (currency because it could not be bought or sold. Credits, if not used, w\ ould eventually )Tj 0.021 Tw T* [(be extinguished,)0.5( thus forcing the burden of adjustment )0.7(equally )0.5(upon creditors as well as )]TJ 0.017 Tw T* [(debtors. )55.5(A)55( recent paper)40.4(, indeed, )0.6(advocates )0.8(a global )0.7(clearing )0.9(house as the )0.5(foundation )0.6(of a )]TJ /C2_0 1 Tf 0 Tw T* <005500480049005200550050004800470003004C0051005700480055005100440057004C005200510044004F000300BF0051004400510046004C0044004F00030056005C00560057004800500003000B002E00550048004A0048004F000F00030015001300140018000C00110003>Tj /TT1 1 Tf 0.082 Tw 1.701 -1.5 Td [(However)40(, neithe)0.6(r the )0.6(clearing )1(union nor a new international )1.5(currency )0.7(appear )0.7(to )0.5(be )]TJ 0.009 Tw -1.701 -1.5 Td [(practical )0.9(propositions for the time being. On the one hand, the genie of lar)18.4(ge speculative )]TJ /C2_0 1 Tf 0 Tw T* [<004600440053004C00570044004F0003>-4<00C00052005A00560003>-5.3<004C00560003>-4.9<0052005800570003>-4.8<005200490003>-5<0057004B00480003>-4.7<0045005200570057004F0048001E>0.9<0003>-5<005200510003>-5<0057004B00480003>-4.6<00520057004B004800550003>-4.7<004B004400510047000F0003>-4.8<0057004B00480003>-4.7<005A004C004F004F004C0051004A00510048>0.7<005600560003>-5.3<005200490003>-5<0056005700440057004800560003>-4.6<005700520003>-4.8<0046005200520053004800550044005700480003>]TJ /TT1 1 Tf T* (and to support multilateral agencies like the IMF is, if anything, decli\ ning. )Tj 0.036 Tc 0.083 Tw 1.701 -1.5 Td [(In this environment, the most promising approach may be that advocated i\ n)36( )]TJ 0.022 Tc -1.701 -1.5 Td [(Ocampo \(2015\): to let )0.5(the international monetary )0.5(architecture )0.5(evolve into )0.5(a multi-)]TJ 0 Tc 0.073 Tw T* [(currency arrangement, )0.7(and to fully exploit the potential )0.7(of SDRs so as to approach the )]TJ 0.008 Tc 0.083 Tw T* [(aspirations of )0.5(the 1969 amendment )0.5(to the )0.5(IMF )55.7(Articles, which )0.5(brought )0.5(the SDR )0.5(into)8( )]TJ 0.016 Tc T* [(being. More active use by central banks of non-dollar currencies as rese\ rves would)16( )]TJ 0.018 Tc 0.082 Tw T* [(make for greater flexibility than the present dollar)20.1(-centric system. It would also be)18.2( )]TJ 0.007 Tc 0.083 Tw T* [(beneficial if major currencies had agreed reference bands, which w)-0.6(ould help manage)7.2( )]TJ /C2_0 1 Tf 0.006 Tc -0.006 Tw T* [<0048005B005300480046005700440057004C005200510056000F0003>-82.3<004A0058004C004700480003>-82.3<004C00510057004800550059004800510057004C>0.5<005200510003>-82.2<000B0057>0.5<0052005A00440055004700560003>-82.3<0057004B00480003>-82.3<0045004400510047000C0003>-82.2<0044005100470003>-82.3<00C00044004A0003>-82.2<005000440051004C>0.5<00530058004F00440057004C005200510003>-82.3<000B004700480059004C00440057004C005200510056>5.9<0003>]TJ /TT1 1 Tf 0 Tc 0.003 Tw T* [(from the band\). However)40(, switching among currencies could lea)0.5(d to instability: )0.8(and here )]TJ 0.016 Tw T* [(a )0.6(more )0.6(prominent )1.2(role )0.8(for SDRs would )0.5(be )0.6(helpful )1(if )0.6(supported )0.7(by )0.5(a )0.6(substitution )1(account )]TJ ET endstream endobj 109 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (44)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 10 0 0 10 55.2756 599.7209 Tm (considerations, and other factors overwhelm fundamentals.)Tj /TT2 1 Tf 1.701 -1.5 Td (2)Tj /C2_0 1 Tf 0.5 0 Td [<0003>-8.5<0038005600480003>-8.5<005200490003>-8.5<005100440057004C005200510044>0.6<004F0003>-8.3<0046005800550055004800510046005C0003>-8<004400560003>-8.5<004C0051005700480055005100440057004C005200510044004F0003>-7.5<0046005800550055004800510046005C>65.4<00110003>46.7<002400560003>-8.8<004C0047004800510057004C00BF0048>0.6<00470003>-8.4<0045005C0003>9.5<0037>35.4<0055004C004900BF0051000F0003>-8.5<0057004B00480003>-8.2<0058005600480003>]TJ /TT1 1 Tf 0.004 Tw -2.201 -1.5 Td [(of a national )0.7(currency \(the US dollar\) as the main international )1.1(reserve asset requires the )]TJ /C2_0 1 Tf 0 Tw 0 -1.5 TD [<003800360024>54.7<0003>-12.4<005700520003>-12.3<0055005800510003>-12.4<0046005200510057004C005100580052005800560003>-12.4<0047004800BF0046004C005700560003>-12.1<000B005700520003>-12.3<00500044004E00480003>-12<00560058004900BF0046004C0048005100570003>-12.1<00470052004F004F0044005500560003>-12.1<004400590044004C004F00440045004F00480003>-11.3<005700520003>-12.3<0057004B00480003>-12.1<005A00520055004F0047000C000F0003>-12.4<005A004B004C0046004B0003>]TJ T* [<004F00480044004700560003>-27.2<005700520003>-27.4<0055004800460058005500550048005100570003>-27<00460055004C0056004800560003>-27.4<005200490003>-27.6<00460052005100BF004700480051004600480003>-27.1<004C00510003>-27.4<0057004B00480003>-27.3<00470052004F004F004400550003>-27.1<0044005100470003>-27.4<00460052005100560048005400580048005100570003>-27.3<00590052004F00440057004C004F004C0057005C001D0003>-26.2<0057004B00480003>-9.2<0037>35.3<0055004C004900BF00510003>]TJ /TT1 1 Tf -0.001 Tc T* [(dilemma. )55.4(A)55.3( second disadvantage is t)0.5(hat the world is held hostage to US monetary policy)65.2(,)-1( )]TJ 0.002 Tc 0.083 Tw T* [(w)-0.6(hich is s)-0.6(et bas)-0.6(ed almos)-0.6(t entirely on domestic considerations)-0.6(. Loos)-0.6(e monetary policy)2( )]TJ 0.016 Tc T* [(in the USA)54.9( following the GFC has )0.5(had to be )0.5(copied by other economies, )0.5(including)16( )]TJ 0 Tc 0.042 Tw T* [(Hong Kong, to forestall )1(upward pressure on their )0.8(respective )1.1(exchange )0.6(rates, )0.6(despite )0.8(the )]TJ 0 Tw T* [(unsuitability in many cases for those economies\222)76.6( conditions.)]TJ /TT2 1 Tf 0.037 Tc -0.037 Tw 1.701 -1.5 Td (3 )Tj /TT1 1 Tf 0.083 Tw 0.907 0 Td [(Inequity bias. )18.5(T)69.9(o protect themselves against a balance of payments crisis,)37.1( )]TJ 0.012 Tc 0.082 Tw -2.608 -1.5 Td [(emer)18.2(ging economies seek to self-insure by accumulating reserves, which are m\ ainly)12( )]TJ 0 Tc 0.055 Tw T* [(in US dollars. )18.3(This amounts to a subsidy from less well-of)18.4(f countries to the lar)18.4(gest and )]TJ -0.002 Tc 0 Tw T* [(ri)0.5(chest e)0.5(conom)0.5(y on E)0.5(art)0.5(h \(i)0.5(nequi)0.5(t)0.5(y bi)0.5(as\). Rese)0.5(rve)0.5(s a)0.5(cc)0.5(umul)0.5(at)0.5(ion i)0.5(s usua)0.5(ll)0.5(y ac)0.5(com)0.5(pani)0.5(ed)-2( )]TJ 0 Tc T* (by current account surpluses, which, in turn, worsen imbalances.)Tj 0.069 Tw 1.701 -1.5 Td [(Some commentators )0.8(predict )0.6(a long-term )0.5(decline )0.8(in the US dollar)-36.9(\222)55.1(s value, although )]TJ 0.017 Tc 0.083 Tw -1.701 -1.5 Td [(the )0.5(\223safe )0.5(haven\224 )0.6(ef)18.1(fect )0.5(and )0.5(substantial )0.5(network )0.5(benefits )0.5(are )0.5(mitigating )0.5(factors. )18.5(The)17.1( )]TJ 0 Tc 0.051 Tw T* [(ar)18.2(gument has been made that such widespread use of the US dollar does not \ even truly )]TJ 0.005 Tc 0.082 Tw T* [(serve US interests in the long run because by providing easy money \(cre\ ditor nations)4.8( )]TJ 0.017 Tc 0.083 Tw T* [(have to recycle their surpluses into US dollar assets\), it masks struct\ ural problems,)17( )]TJ 0.001 Tc 0.082 Tw T* [(allowing US politicians to avoid dealing with them. )17.8(This is ar)18.3(guably illustrated by the)1.2( )]TJ /C2_0 1 Tf 0.013 Tc -0.013 Tw T* [<003800360003>-82.3<00570044005B0003>-82.3<00460058005700560003>-82.3<005200490003>-82.3<002700480046004800500045004800550003>-82.3<001500130014001A000F0003>-82.3<005A004B004C0046004B0003>-82.3<004C005100460055004800440056004800470003>-82.3<0057004B00480003>-82.4<0049004C005600460044004F0003>-82.3<004700480049004C0046004C00570003>-82.4<005A004B004C004F00480003>-82.4<004400470047004C0051004A0003>-82.4<0053005500520010>]TJ 0 Tc 0 Tw T* <0046005C0046004F004C00460044004F0003004C00500053004800570058005600030057005200030057004B004800030055004C0056004E0003005200490003004C005100C000440057004C005200510011>Tj /TT3 1 Tf 14.01 -3.228 Td (2. Reform Proposals)Tj /TT1 1 Tf 0.006 Tc 0.083 Tw -14.01 -1.473 Td [(In )0.5(2009, )0.5(the then-governor of )0.5(the People\222)55.1(s Bank )0.5(of China )0.5(\(PBOC\), )0.5(Zhou Xiaochuan,)6( )]TJ 0 Tc 0.077 Tw T* [(voiced his dissatisfaction with the existing international )0.9(monetary system\222)55.3(s )-0.6(reliance )0.5(on )]TJ 0.02 Tw T* [(the US dollar)40.5(, and expressed support for developing )0.6(the SDR as an international )1.3(reserve )]TJ 0.017 Tc 0.082 Tw T* [(currency \(Zhou, 2009\). )17.6(The IMF supported Zhou\222)55.2(s stance and produced a paper on)17( )]TJ 0 Tc 0.049 Tw T* [(further developing the role of the SDR to reduce exchange rate volatilit\ y )0.9(and excessive )]TJ 0.004 Tc 0.082 Tw T* [(re)0.5(serve a)0.5(cc)0.5(um)0.5(ula)0.5(t)0.5(ion \(IMF)80.2(, 201)37.4(1\). )36.9(Y)100.2(et)0.5( ove)0.5(ra)0.5(ll)0.5(, a)0.5(nd despi)0.5(te)0.5( the e)0.5(f)18.3(fort)0.5(s of the)0.5( IMF a)0.5(nd)3.9( )]TJ 0 Tc 0.057 Tw T* [(the recent initiatives )0.8(of the G-20 and the Financial )0.5(Stability )0.5(Forum, there has been still )]TJ 0.009 Tc 0.082 Tw T* [(l)0.5(i)0.6(t)0.6(t)0.5(l)0.6(e)0.5( a)0.5(c)0.6(t)0.5(i)0.6(on or e)0.5(ve)0.6(n di)0.6(sc)0.5(ussi)0.5(on a)0.5(t)0.6( m)0.6(ul)0.5(t)0.6(i)0.6(l)0.5(a)0.5(t)0.6(e)0.5(ra)0.6(l)0.5(/)0.6(i)0.5(nt)0.6(e)0.5(r)20.4(-gove)0.6(rnm)0.6(e)0.5(nt)0.6(a)0.5(l)0.5( l)0.6(e)0.5(ve)0.6(l)0.5( t)0.6(o a)0.6(ddre)0.5(ss t)0.5(he)9.2( )]TJ 0 Tc 0 Tw T* (shortcomings of the international monetary architecture.)Tj 0.025 Tc 0.083 Tw 1.701 -1.5 Td [(Commentators)-0.6( have been more forthright. Recent comprehens)-0.6(ive propos)-0.6(als)-0.6( to)25( )]TJ 0.024 Tc 0.082 Tw -1.701 -1.5 Td [(reform the international monetary architecture include the Palais-Royale\ Initiative)24.2( )]TJ /C2_0 1 Tf 0.002 Tc -0.002 Tw T* [<000B003300350003>-82.3<002C0051004C0057004C00440057004C00590048000F0003>-82.3<001500130014>37.4<0014000C000F0003>-82.3<005A004B004C0046004B0003>-82.3<004F>0.5<004800470003>-82.3<005700520003>-82.3<0057004B00480003>-64.2<0037>35.5<0055004C004900BF00510003>-82.2<002C0051005700480055005100440057004C005200510044004F0003>-82.2<0029005200580051004700440057004C005200510003>-82.2<0046005200500050004C00560056004C00520051004C0051004A>2<0003>]TJ ET endstream endobj 108 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (43)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.01 Tc 0.082 Tw 10 0 0 10 72.2835 599.7209 Tm [(of fixed exchange rates set by reference to a US dollar linked to gold, \ with the IMF)9.9( )]TJ /C2_0 1 Tf 0 Tc 0 Tw 0 -1.5 TD [<005700440056004E004800470003>-50.1<005A004C0057004B0003>-50.1<0046005200580051005700480055004400460057004C0051004A0003>-49.5<004700480056005700440045004C004F004C005D004C0051004A0003>-49.6<00560053004800460058004F00440057004C005900480003>-49.5<00C00052005A005600110003>-50.9<002B0052005A0048005900480055>40.2<000F0003>-50.5<005A004C0057004B0003>-50.2<0057004B00480003>-50.2<0048005B0053004400510056004C005200510003>]TJ /TT1 1 Tf 0.009 Tc 0.082 Tw T* [(of international trade and finance, shortages of reserves \(i.e. of gold\ and US dollars\))9( )]TJ 0.015 Tc 0.083 Tw T* [(emer)17.9(ged. )18.4(The IMF responded to the shortage of reserves by creating SDRs in 1969)15( )]TJ 0.005 Tc 0.082 Tw T* [(\()0.5(se)0.6(e)0.7( t)0.7(h)0.5(e)0.7( f)0.5(o)0.6(l)0.6(l)0.7(o)0.5(wi)0.7(n)0.5(g)0.5( se)0.7(c)0.6(t)0.7(i)0.7(o)0.5(n)0.5(\))0.6(,)0.5( b)0.5(u)0.5(t)0.7( wi)0.7(t)0.7(h)0.5(i)0.7(n)0.5( 2)0.5( y)0.6(e)0.6(a)0.7(r)0.5(s t)0.7(h)0.5(e)0.7( USA)55.5( h)0.6(a)0.6(d)0.5( wi)0.7(t)0.7(h)0.5(d)0.5(r)0.5(a)0.7(wn)0.5( f)0.5(r)0.5(o)0.5(m)0.7( t)0.7(h)0.5(e)0.7( g)0.5(o)0.6(l)0.6(d)5( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* <00560057004400510047004400550047000F000300440051004700030056004B005200550057004F005C000300440049005700480055005A004400550047005600030057004B004800030056005C0056005700480050000300520049000300BF005B0048004700030048005B0046004B00440051004A0048000300550044005700480056000300460052004F004F0044005300560048004700110003>Tj /TT1 1 Tf 0.04 Tc 0.082 Tw 1.701 -1.5 Td [(T)0.7(h)0.5(e)0.7( r)0.6(e)0.6(su)0.5(l)0.7(t)0.7(a)0.7(n)0.5(t)0.7( m)0.7(o)0.6(n)0.5(e)0.7(t)0.7(a)0.6(r)0.6(y)0.5( a)0.7(r)0.5(c)0.7(h)0.5(i)0.7(t)0.7(e)0.7(c)0.7(t)0.7(u)0.5(r)0.5(e)0.7(,)0.5( wh)0.5(i)0.7(c)0.7(h)0.5( h)0.5(a)0.7(s b)0.5(e)0.7(e)0.7(n)0.5( i)0.7(n)0.5( p)0.5(l)0.7(a)0.7(c)0.7(e)0.6( si)0.7(n)0.5(c)0.7(e)0.7(,)0.5( h)0.5(a)0.7(s t)0.7(h)0.5(e)40.1( )]TJ 0 Tc 0 Tw -1.701 -1.5 Td (following features \(Ocampo, 2015\):)Tj /TT2 1 Tf 1.701 -1.5 Td (1 )Tj /TT1 1 Tf 0.75 0 Td [(A)55( global reserve system essentially based on the US dollar)57.6(.)]TJ /TT2 1 Tf -0.75 -1.5 Td (2)Tj /TT1 1 Tf 0.031 Tw 0.5 0 Td [( Freedom for each country to choose its exchange )0.6(rate )0.5(regime, )0.6(as long as it avoids )]TJ /C2_0 1 Tf 0 Tw -2.201 -1.5 Td <00B3005000440051004C00530058004F00440057004C0052005100B40003000B0044004F0057004B00520058004A004B00030057004B00480003005700480055005000030055004800500044004C005100560003005800510047004800BF005100480047000C0011>Tj /TT2 1 Tf 1.701 -1.5 Td (3)Tj /TT1 1 Tf 0.5 0 Td ( Current account convertibility for most countries.)Tj /TT2 1 Tf -0.5 -1.5 Td (4)Tj /C2_0 1 Tf 0.001 Tc -0.001 Tw 0.501 0 Td [<0003>-82.2<0036004C>0.6<004A0051004C>0.5<00BF0046>0.5<0044>0.5<00510057>0.5<0003>-82.1<0046>0.5<0044>0.5<0053004C>0.5<0057>0.5<0044>0.5<004F>0.5<0003>-82.2<0044>0.6<0046>0.5<00460052005800510057>0.5<0003>-82.1<004F>0.5<004C>0.5<00450048>0.5<00550044>0.5<004F>0.5<004C>0.5<005D>0.5<0044>0.5<0057>0.6<004C>0.5<005200510003>-82.2<0056004C>0.5<00510046>0.5<0048>0.5<0003>-82.2<0057>0.6<004B0048>0.5<0003>-82.1<0050>0.5<004C>0.5<004700100014001C001A00130056000F0003>-82.1<0044>0.5<004F>0.5<0057>0.5<004B00520058004A004B0003>-82.2<0044>0.5<004F>0.5<004F>0.5<0052005A004C>0.5<0051004A>1<0003>]TJ 0 Tc 0 Tw -2.201 -1.5 Td <004600520058005100570055004C004800560003005700520003004600520051005700550052004F0003004600440053004C00570044004F000300C00052005A00560011>Tj /TT2 1 Tf 1.701 -1.5 Td (5)Tj /C2_0 1 Tf 0.5 0 Td <0003002C00510046005500480044005600480003004C005100030057004B004800030056004C005D00480003005200490003002C0030002900030052004900BF0046004C0044004F000300450044004F0044005100460048001000520049001000530044005C00500048005100570056000300560058005300530052005500570011>Tj /TT2 1 Tf -0.5 -1.5 Td (6)Tj /TT1 1 Tf 0.015 Tc 0.083 Tw 0.515 0 Td [( Inef)17.8(fective surveillance and limited macroeconomic policy coordination \(now\ )14.8( )]TJ 0 Tc 0 Tw -2.216 -1.5 Td (mainly through the G20, albeit with IMF support\). )Tj 0.011 Tc 0.083 Tw 1.701 -1.5 Td [(This era )0.5(of floating )0.5(exchange )0.5(rates has been characterized by lar)18(ge international)11.2( )]TJ 0.024 Tc -1.701 -1.5 Td [(flows)-0.6( of capital, imbalances)-0.6( betw)-0.6(een nations)-0.6( and recurrent crises)-0.6(. Major episodes)23.8( )]TJ 0.019 Tc T* [(include the Latin )55.5(American debt crisis of the 1980s, the East )55.4(Asian financial crisis)18.8( )]TJ /C2_0 1 Tf 0.026 Tc -0.026 Tw T* [<005200490003>-82.8<0014001C001C001A00B10014001C001C001B0003>-82.8<0044005100470003>-82.7<0057004B00480003>-82.8<002A002900260003>-82.8<005200490003>-82.7<0036004800530057004800500045004800550003>-82.8<001500130013001A00110003>-27.6<0024004F0057004B00520058004A004B0003>-82.8<0050005200510048005700440055005C0003>-82.8<0048005B0053004400510056004C005200510003>-82.8<0045005C>26<0003>]TJ 0.007 Tc -0.007 Tw T* [<0057004B00480003>-82.4<005A00520055004F004700B6>55.2<00560003>-82.5<004F004800440047004C0051004A0003>-82.5<004600480051005700550044004F0003>-82.4<004500440051004E0056000F0003>-82.5<0044004C0047004800470003>-82.5<0045005C0003>-82.4<004F004C0050004C0057004800470003>-82.5<00BF005600460044004F0003>-82.5<004400460057004C005200510003>-82.4<00490055005200500003>-82.5<0057004B0048004C00550003>-82.4<0055004800560053004800460057004C00590048>7.2<0003>]TJ /TT1 1 Tf 0.058 Tc 0.082 Tw T* [(governments, brought recovery from the GFC, it has led to increased glob\ al)58.1( )]TJ 0 Tc 0.014 Tw T* [(indebtedness )0.7(\(as well )0.5(as rising inequality\), )1.2(which may )0.5(lead )0.6(to further )0.5(crises in the )0.5(future )]TJ 0 Tw T* (\(D\222Arista, 2018\).)Tj 0.024 Tc 0.082 Tw 1.701 -1.5 Td [(The present de facto international monetary system of floating exchange \ rates)23.8( )]TJ /C2_0 1 Tf 0 Tc 0 Tw -1.701 -1.5 Td [<004B00440056>-0.6<0003>-83<00450048004800510003>-83<004700480056>-0.6<00460055004C0045004800470003>-82.9<00440056>-0.6<0003>-82.9<00440003>-83<00B30047004800BF>-0.6<0046004C0048005100570003>-83<0051005200510056>-0.6<005C0056>-0.6<00570048005000B40003>-83<000B003A004B004C00570048000F0003>-83<0015001300140018000C00110003>-83<002C00570003>-82.9<004C0056>-0.6<0003>-82.9<0051005200570003>-82.9<00550058004F00480010004500440056>-0.7<00480047000F0003>-83<004C00570003>-82.9<004C00560003>]TJ /TT1 1 Tf 0.009 Tc 0.083 Tw T* [(characterized by dangerous imbalances, and it has no oversight authority\ )64.7(. )18.4(The IMF\222)54.9(s)8.9( )]TJ /C2_0 1 Tf 0.003 Tc -0.003 Tw T* [<00530052005A0048>0.5<00550003>-82.1<0049005200550003>-82.2<0044>0.5<0046>0.6<0057>0.5<004C>0.5<005200510003>-82.2<004C>0.6<00560003>-82.2<0050>0.6<0044>0.5<004C>0.5<0051004F>0.5<005C0003>-82.2<004F>0.6<004C>0.5<0050>0.5<004C>0.6<0057>0.5<0048>0.5<00470003>-82.1<0057>0.5<00520003>-82.1<0050>0.6<0048>0.5<0050>0.5<00450048>0.5<00550003>-82.1<0046>0.5<0052005800510057>0.6<0055004C>0.6<0048>0.5<00560003>-82.2<00490044>0.5<0046>0.5<004C>0.6<0051004A0003>-82.1<0047004C>0.6<004900BF0046>0.6<0058004F>0.5<0057>0.6<004C>0.5<0048>0.5<0056001E>0.6<0003>-82.2<004C>0.6<0057>0.5<0003>-82.1<004B0044>0.6<00560003>-82.2<004F>0.6<004C>0.5<0057>0.5<0057>0.6<004F>0.5<0048>3.2<0003>]TJ /TT1 1 Tf 0 Tc 0 Tw T* (leverage over stronger countries that may be causing the problems. )Tj 0.04 Tw 1.701 -1.5 Td [(The )0.8(inte)0.5(rnationa)0.6(l )0.7(monetary )1.2(architecture )1.7(has )0.5(the )0.9(following )0.8(major)0.5( )0.5(drawbacks, )0.6(among )]TJ 0 Tw -1.701 -1.5 Td (others.)Tj /TT2 1 Tf 0.012 Tc -0.012 Tw 1.701 -1.5 Td (1 )Tj /TT1 1 Tf 0.083 Tw 0.857 0 Td [(Reces)-0.6(s)-0.6(ionary bias. )55.3(A)-0.6(s)-0.6( identified by K)-0.6(eynes)-0.6(, w)-0.6(hen payments)-0.6( imbalances)-0.6( aris)-0.6(e,)12( )]TJ /C2_0 1 Tf 0 Tc 0 Tw -2.558 -1.5 Td [<0047004800BF0046004C00570003>-29<004600520058005100570055004C004800560003>-29.5<004B0044005900480003>-29.2<005700520003>-29.4<00570044004E00480003>-29<004400460057004C00520051000F0003>-28.9<005A004B004800510003>-29.5<0057004B0048005C0003>-29.2<0044005500480003>-29.2<004A00480051004800550044004F004F005C0003>-28.8<004C00510003>-29.3<0057004B00480003>-29.2<005A00520055005600570003>-29.7<005300520056004C0057004C005200510003>-29.2<005700520003>-29.4<004700520003>]TJ /TT1 1 Tf 0.007 Tc 0.083 Tw T* [(so \(corrective action exacerbates their recessions, hence the recession\ ary bias\), while)7.2( )]TJ 0.003 Tc 0.082 Tw T* [(credit)0.5(or countries fac)0.5(e no such pressure. Furt)0.5(herm)0.5(ore)0.5(, i)0.5(mbal)0.5(ances ca)0.5(n persist for long)2.9( )]TJ /C2_0 1 Tf 0 Tc 0 Tw T* [<005300480055004C0052004700560003>-80.6<0044005100470003>-80.5<00480059004800510003>-80.4<0047004800480053004800510003>-80.3<00450048004600440058005600480003>-80.2<00560053004800460058004F00440057004C005900480003>-79.8<00C00052005A00560003>-81.2<000B005000520050004800510057005800500003>-79.9<0057005500440047004C0051004A000C000F0003>-80.2<00B300560044004900480003>-80.4<004B004400590048005100B40003>]TJ ET endstream endobj 106 0 obj <>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 37.9341 643.3254 Tm (42)Tj 0 0 0 1 k /GS1 gs /TT1 1 Tf 0.005 Tc 0.082 Tw 10 0 0 10 55.2756 599.7209 Tm [(international monetary system are needed to provide a more stable founda\ tion for the)5.2( )]TJ 0 Tc 0 Tw 0 -1.5 TD [(world\222)55.2(s economies.)]TJ -0.01 Tc 0.083 Tw 1.701 -1.5 Td [(This)-0.6( paper s)-0.6(ets)-0.6( out an initial analys)-0.6(is)-0.6( of the potential for enhanced S)-0.6(pecial D)-0.6(raw)-0.6(ing )]TJ 0.019 Tc 0.082 Tw -1.701 -1.5 Td [(Ri)0.6(ght)0.5(s \(SDRs\) t)0.5(o pl)0.6(a)0.5(y a)0.6( rol)0.5(e)0.6( i)0.5(n re)0.6(duc)0.5(i)0.6(ng t)0.6(he)0.5( t)0.6(e)0.5(nsi)0.6(ons a)0.6(nd a)0.5(nom)0.6(a)0.5(l)0.6(i)0.6(e)0.5(s i)0.6(n t)0.6(he)0.5( pre)0.6(se)0.5(nt)29.2( )]TJ -0.01 Tc 0.003 Tw T* [(international monetary system. )55.7(At present, )0.5(SDRs are little )0.5(more )0.5(than )0.5(a )0.5(reserves-accounting )]TJ 0.005 Tc 0.083 Tw T* [(mechanism of the International Monetary Fund \(IMF\); however)39.9(, SDRs could be used)15( )]TJ 0.009 Tc T* [(as a fully-fledged currency alongs)-0.6(ide the dollar and the euro. )18.2(T)69.6(o reach this desirable)19.2( )]TJ 0.007 Tc T* [(state )0.5(would )0.5(require navigating )0.5(an )0.5(\223investment )0.6(phase\224 )0.5(during )0.5(which )0.5(SDR )0.5(instruments)16.9( )]TJ -0.009 Tc T* [(are relatively illiquid and costly)64.7(. Moreover)39.8(, building consensus for reform in the present)1.2( )]TJ /C2_0 1 Tf 0.009 Tw T* [<00490055004400460057004C0052005800560003>-82.4<004C0051005700480055005100440057004C005200510044004F0003>-82.5<004800510059004C00550052005100500048005100570003>-82.5<005A00520058004F00470003>-82.5<004500480003>-82.5<0047004C004900BF00460058004F005700110003>-82.4<002B0052005A0048005900480055>40<000F0003>-82.4<0057004B004C00560003>-82.4<005300440053004800550003>-82.5<00560058004A004A00480056005700560003>-82.5<0057004B00440057>1.2<0003>]TJ -0.01 Tc 0.01 Tw T* [<004400460057004C0052005100560003>-82.7<00570044004E004800510003>-82.7<0045005C0003>-82.7<0026004B004C005100440003>-82.7<0044004F0052005100480003>-82.7<004600520058004F00470003>-82.7<004500480003>-82.7<00560058004900BF0046004C0048005100570003>-82.7<005700520003>-82.6<00500044004E00480003>-82.7<00440003>-82.7<0056005700440055005700110003>-82.6<0003>-64.7<0037004B00480003>-82.7<0026004B004C00510048005600480003>-82.7<00500044004C0051004F0044005100470003>]TJ /TT1 1 Tf 0.05 Tw T* [(is )0.5(in )0.6(the )0.5(most )0.6(favorable )0.6(position )0.6(to )0.5(promote )0.6(greater )0.5(use )0.6(of )0.5(the )0.5(SDR, )0.5(and )0.5(this )0.6(would )0.5(kick-)]TJ 0.012 Tc 0.083 Tw T* [(start the initiative. Hong Kong, as a Special )55.4(Administrative Region of China and an)22( )]TJ /C2_0 1 Tf -0.01 Tc 0.01 Tw T* <004C0051005700480055005100440057004C005200510044004F000300BF0051004400510046004C0044004F00030046004800510057004800550003004C00510003004C0057005600030052005A005100030055004C004A004B0057000F0003004C00560003005A0048004F004F00100053004F00440046004800470003>Tj <0057005200030053005500520059004C00470048000300560058005300530052005500570011>Tj /TT1 1 Tf 0.006 Tc 0.082 Tw 1.701 -1.5 Td [(T)0.6(he)0.6( pa)0.6(pe)0.6(r de)0.6(sc)0.6(ri)0.6(be)0.6(s t)0.5(h)0.5(e)0.5( i)0.5(n)0.5(t)0.5(e)0.6(rna)0.6(t)0.6(i)0.6(ona)0.6(l)0.6( m)0.6(one)0.6(t)0.6(a)0.5(ry)0.5( a)0.6(rc)0.5(hi)0.6(t)0.6(e)0.6(c)0.5(t)0.6(u)0.5(re)0.5(,)0.5( wi)0.6(t)0.6(h e)0.6(m)0.6(pha)0.6(si)0.6(s on i)0.6(t)0.6(s)5.9( )]TJ 0 Tc 0.044 Tw -1.701 -1.5 Td [(inherent )0.8(problems )0.5(which lead )0.6(to recurrent )0.8(instability )1.1(and crisis. Proposals for reform )0.5(of )]TJ 0.048 Tw T* [(the architecture )0.6(are outlined; these include a lar)18.4(ger role for SDRs. SDR )-0.7(development )0.6(is )]TJ 0.004 Tc 0.083 Tw T* [(also described. )18.5(The Chinese mainland\222)55.2(s and Hong Kong\222)55.1(s )0.5(respective exposures )0.5(to the)4.2( )]TJ 0.006 Tc T* [(problems of the international monetary system are explained: the Chinese\ mainland\222)55(s)5.8( )]TJ 0.001 Tc T* [(being associated with its very lar)17.7(ge trade and monetary imbalances, and Hong K)-0.6(ong\222)54.9(s)0.8( )]TJ 0.014 Tc T* [(with its currency link to the US dollar)54.9(. )18.3(These exposures make for lar)17.8(ge benefits for)14( )]TJ 0.019 Tc 0.082 Tw T* [(both enti)0.5(ties if global use of the SDR can be enhanced. )17.8(The present paper goes on)19( )]TJ 0.02 Tc 0.083 Tw T* [(to recommend actions to be taken by the Chinese mainland, Hong Kong and \ other)20( )]TJ 0 Tc 0 Tw T* (stakeholders in the reform process in accordance with their respective s\ ituations. )Tj 0.055 Tw 1.701 -1.5 Td [(The )0.5(Chinese )0.5(mainland )0.9(would introduce )0.8(policies )0.8(to encourage )0.7(the )0.5(use of SDRs as a )]TJ /C2_0 1 Tf 0.004 Tc -0.004 Tw -1.701 -1.5 Td [<005000480047004C005800500003>-82.9<0049005200550003>-82.9<004C00570056>-0.6<0003>-82.9<004C00510056>-0.6<0057004C005700580057004C005200510056>-0.6<0003>-82.9<005700520003>-82.9<004400460046004800560056>-0.6<0003>-82.9<004C0051005700480055005100440057004C005200510044004F0003>-82.9<00BF>-0.6<0051004400510046004800110003>-27.7<0024>-0.6<00460057004C005200510056>-0.6<0003>-82.9<0045005C0003>-83<0057004B00480003>-82.9<002B>-0.6<00520051004A0003>-82.9<002E>-0.6<00520051004A>4<0003>]TJ /TT1 1 Tf 0.019 Tc 0.083 Tw T* [(authorities )0.5(would include )0.5(supporting )0.5(the )0.5(use )0.5(of )0.5(SDRs )0.5(in )0.5(the international )0.5(financial)19.2( )]TJ 0 Tc 0.007 Tw T* [(system, )0.5(initiating)1.2( a )0.5(cryptocurren)0.6(cy )0.5(version )0.6(of the )0.7(SDR, E-SDRs, and )0.6(consideration )1.1(at )0.7(an )]TJ /C2_0 1 Tf 0 Tw T* [<0044005300530055005200530055004C0044005700480003>-11.2<00530052004C005100570003>-11.8<004C00510003>-11.9<0057004B00480003>-11.6<0049005800570058005500480003>-11.7<005200490003>-12<004F004C0051004E004C0051004A0003>-11.4<0057004B00480003>-11.7<002B00520051004A0003>-12.1<002E00520051004A0003>-12.2<00470052004F004F004400550003>-11.5<005700520003>-12<0057004B00480003>-11.6<00360027003500110003>5.7<0037004B00480003>-11.6<004500480051004800BF005700560003>]TJ /TT1 1 Tf -0.001 Tc T* [(of these actions for the international community)64.9(, as well as the stakeholders individually)65(,)-1( )]TJ 0 Tc T* (are described.)Tj /TT2 1 Tf 11 0 0 11 66.8475 116.5858 Tm [(II. )18.7(The Present International Monetary )54.1(Architecture and Its Problems)]TJ 10 0 0 10 176.7457 85.4359 Tm [(1. )55.4(Architecture and Problems)]TJ /TT1 1 Tf 0.064 Tw -12.147 -1.473 Td [(Under the 1944 Bretton )18.4(W)80.3(oods )]TJ /TT3 1 Tf 0 Tw 13.026 -0.028 Td (A)Tj /C2_0 1 Tf 0.5 0.028 Td [<004A0055004800480050004800510057000F0003>-63.3<004400560003>-64.1<0056005800450056004800540058004800510057004F005C0003>-63.8<005500440057004C00BF004800470003>-63.6<0045005C0003>-64.1<005100580050004800550052005800560003>-63.9<0056005700440057004800560003>]TJ /TT1 1 Tf 0.002 Tc 0.083 Tw -13.526 -1.5 Td [(not represented at the original meeting, s)-0.6(ignatories subscribed to a rules-based system)2.1( )]TJ ET endstream endobj 107 0 obj <> endobj 111 0 obj <> endobj 112 0 obj <>stream H\j0 ~ Cv41aXpl%3,QC~[:'~I> 0#\FaѴv1IH}͸aBk,v8<8Q+9$f8|#aK t8xЛI ȊzǺ=!nnflt&cLQhс~Ooo8oCB?5ܫBV y)3xUx{q0U`Vq endstream endobj 113 0 obj <>stream HWip~+t[3#JBj! Iֱi%:@WBEUN8c ؐ+$!:ÅM*#s欬9y¢ҲJ3͙[`}F.厚|]t4J48)T9yBD^YP^ : %#$ĒlGH%dDr|F/ b#2UvNvQWdv3'.9X/6 a5,X5l:c8p<[m񮼚#x|*? r/[-6=># BE  nEҿU^+{G(jqC(%b ]7;3+ƫkIIm;RT)!iAii=iCSҋ333Ԭ}Yf d_)̱F`5֚~azʹݴt h-wFSyqcc1R-KUBi} q_N+ge]Nbv12{/'lƲǸm}p'Q}#|c7D@(^6  DžaDx_>" 1\ęvSOTX'63}~_1sr}'r[tEccQ(%T)Hvbvr9b{hOW޳TT> Ki7%U?O+07|uU7а| }0{hhMCCC7Ponz >?xo[7 >qm0ml6{wx/EQQ ή'{O*zGkyw[ύݷGOt Wq ڎDӡbHMԠ.jRv떺U]ڮڪV%y=c1qsdkǟ,w,[-,mefKeeFQTT(eqvٔg*]xj3<;z,v)=uϷYOkxʳsP1 1˺껂W%@|3?@ A0@(A8h@:]ADC LXxC0B$C H0 3adA6̆ȅ<0A>@!A1@)A9T@%BTC Ԃ`TVQu+@ݨ;̃ԃzR%UQ5ްRK? E4`BCi ,(O#h$FhC'XG㩞&P&R5$ 4)4N4N:Π(Ot͂%h64C Msh.̓VXFM4rZmJZLKh)eXq& 촆ॠL$ѹ0]J‰'Z"DFdo!g^9GΓ.r\$eݤYFz1Wa\f0W>;Ϳ5_6_2{P&9DŽ3oV4]B5A%@A8zcGwita܈qDڑ_xPNۄvRhAaM=8LAt\AyPC1gp%K fկiP^WߑU(W)+^yTy^5)Z c>!.;(*-µ!/$(M~U:vNߗݝȕx>w5O{m8|=v+~ȅ' oάl=zT]~Ǐ-Wj;k93뮯wfNuZX[T80:vphjrGsKR.w(C_'oVm?#'>'ӑ<vTx*=}ߗ~l3X P}&P +>qX =;M1?`,@7CiFC^{*@ rл Іq&`G"o.s#t(8p7|#.0]\,d}n;d4 gEv[^Dc\ F^p/oEŹ^ey_ k? >+c2u|w@ 9(|o xCkoB{ /a8ۄ۠7os8`"@t Lh `!@ {-smUc~f}p Yt=z= n}@ o=p>|}b7x^zNOUbt%?`Wç;?-A}׭=k{ؒ%SK9 ٴ \K7%=j 4y?8lI>q`8߄+1'x]uý,%бo<.bˊ%%؀OOi|qv?}>\ú}'ǻ{_. sq<9"%z\۰ y_dz,=o}tܒ|bKYOnW}b8uy q[] w>N~Jn!}~g_jiϸ]3k۰9skX 4x,A_[S3{_e59e|:|pׁU?ۖp,釫 ]υY2~M߱dk!6szs6;w|]>~3{$`-~dɬq ~LZb2s_?HfE|sNO&V3~=KrW>zʳ<]u} z %^3Ї{y#s>KC-q 43*|Vž;}g)F[iȗ4sM-ayᲽ:%}ʥdDVQU;cQsz\^Eʠ:OmooqLC*n}j"|g߄LZ4?J~SyD϶9T9Cyג@ڦ~ )}325vYj^gنWكWAN1嬜GoPӚ "xgG!Ńƺ~>1^])T8h~i^~ZGlSrʲV㟕kꏸjklUc1/ UO{>CɉY߬,|kA4_Y/6Y5֘X8b!/#Ϊ"qܳWYqSoV}vko.Dxq{YrUqKg B>Wꏬ>Ag\Y6eYu\} xNeܸƲ5őc/UqeKYgnmy.G9x߆gUww+g:+rq,=p^YoGWۚYMx1KxtNiKaߎoʓaJ|D[/{z@:}kPNӆg|j$O߶ψ'O*&kvMW-}sd~OP1$q6iߥ>|h<=X\)5n/ޯN~Xq+GJB>uۛc; 3iĽ/|:V}|-Ais8hՅ`OUx,;:}|Y/[GHC_6OyKs&x׵1+[39qq)״Ṭ&ia6ܓMwVIx@3ƪ{NgB@qkpdzО6|gcEÆs㶜}<]oc`t3c=&̃ Ԕyļ+"'~UL9a#9'j5Eߖk2-X>,gԅsԻniMqb6,Cq)&yGP&?,SP6Sڮ ec1݈-my . -KN;w%=`ۢwuK3:"Uղ󟽀9ϻCmԋdP I|/e6nb)"n2wyGY)~ \D4 ӹ{zj~EezZ!gMg3:˾V '.DK8;9t a ̘wƴr$F=85x#=視o6ec =e2)Kn_RKGͥg5 2Cw `rʂG2~S]7x~?,cYp=_ٗJ3}.z﹞T>oz/ud| |Kc=W}cCz3==w׽,F՞ϼ~ASAk=v:u-yNYt򻨗 xWݗu|gyZ%3:n曾ݾ,-АǙ|3M{8ΖlFAwE'h;qҎVLM|[Ѵtk/kw ۝go=#1\c_ٮλ}Y׊szqg׊{׽p(G`eݘ}5lܖ7Wb>z\ֲ{sG#+ Em}߭sEJ/9{1}o\u )=ssY󬹜Վ ypju4܇L.|/뼲37lw}s|A@>kɾ3g0!k}1D1-݉}^!6zdrFz{;S@5a_~c۔vLOkY#- zoq,zyǥ/t;fٷ_erfZ6[<~CZ9sygǭg_<3:6 ٲX2{Z'-9}'YY ׂmm}ϺLKx~/sw~ɠV˟I:O7]/ |G :ǖޙ0Ի{(4`\<;T=hg >mܝ*Cyr-kJ}^R޻z\5VŎt;ADB-ƩA Z39l `Bx| '!gWvZgr&%nwo GC52˱x.Kߟ,Kΐ/|KYjy,K>(gQ2o!7{݁7|~e)xR^3H^ggr(K}Ͽ"F)da1򹮋xBμe/,pėM :z=>A,搜$[Yx4#dovpx]#zDs}e#@~}Y.=n Y|L!cm[Ǿ#ąƬ`}7): o6ΘmoXܴ%kܸ/ujǓhNq79=I.Ãueɱ̴4NV$OqXֵ$g+k4W^ӋDc9䷃ke^Įq|^71k)&} cY3..~ޱ=>z!/.ռ˺=dw` ht`e}&pvCO:+ zw( ٗeβ<_jo, =ųio/YY;},ǡF~B{Qmrإ]u9Uyyh]f_ܛ$9n^KE'>z (v%&/|M]\=c -:EƌGέ#ܟS]6utϽlNlOV _e ok<xT<]C7(˝eɗ _<=ZLO/8HjKYީ2a^]{~罛~c-q̨j8Ƹ+Ie~ۗ5>^3kjq_~{9M},߲w |=KG\S]巂=緊6?};x~/9?~=Խc1s۹F-=?s"&N+|ȼoojOּgs#~q̹5a_OC;{໭ZeKyXEK[=K^j\ҪیY+?ykì._B&+Zqox&/5F֎{ཙg^rz{^̍[>77i%x7+ڳv'>ձʝֱ͞o1Ǒջ볦3872ӎ̽7ɺs8xk5<,4_Ʋ[ޗ1p.g'Z-{T^IAF2ϒG׶kI2MYU~ZKv5>x꽏uVqs{W..z4_띣ֹߙTe\,9v6do,K]:Oʰww(ړh uQ>սC#TKIkgP9gO;N^2׽I,s] ݭϮ,cYb-k?gfsiZhOqF\Nq>ؕo!?e#7ra$$g_b+PUtŬ( :7C5>?)ͳ|N𓞪S^zxR޽t&3b}Ls}4ψN qxMxL:_AZ ex{Hx'G3;_D73,ҹOsFG~#e>w}YX}O{LjY =u?ˉlF'5벾6)%Gcﾥlbt񚌏n8)2.gzϲy9kw~G8fv?g=5}wK\Hmo"~}r۲Z~j}ևcWY<-}2z3yyߤQ 9H> u98h/C䳃3{K}}rg'뛝`ts0ЬdsZ{mjvh|M;❝Ş=69#^jVgGW~bhkHdu_֘Խs?|VC6ɒ/{q>ԸNǨkѾx8˼<9-ul;`GBu&j Lv{{<,.Ydu-CW.y/JcS漟nYe }1:-zu> ys Y_xw&{\o+'cϥۖo}b1T̤zڨ/]X >TZf'Yp^=,gKwċJ˙=X-xu+]Dp,~ljlGM&k61%MӷS8R:5xE\4O@9s2{ߙlU=zi0.Gȓ3wOV5^ G𝽎z֦|?՚{6^O+bq W.ɚT Q=1|}9gR(C8a_n.%|C'8;|@Ѯ2z~;[G6&j__'ps- 2&Al9~gLWq$s3},qnϱߩӂ=2;bl &:95Oy>ޜ`tBfۧg<䘔y?sw,U ߚK#.VC;D=nF6yپ~/Q g~'_ _59A>:XK/S ;[6g5 30Vosz*@5j\sC[C>Zջr Ѱg|C JͰS!Jށu&3?+{c,]zlFDWJ~_h;b|Xҝx5~w\=LMԁzsU1b/''yoþEYswf_}+{b>c{R|}*kbE̩Z۱0񍯾Di43F|3ߢ8eҮ;?l|[GTذ 3cIj<6km,1P/yx=2^y6DצǗs|ei-h|x%esGid}®yމS{d ;jYF.]w·{ uyG;34ģ=G˞37>;,+ƌF7٭Dz}H?89dz}9ó魳'IpZϷ&\$#_֟o7l>][񱷑ղ6߲ܕs@Եձoר%x<[`^*'eÌ.rdqa9k[뾾ןax+>?۹K[lu,ZעțKys.tuo])ГO8~7/g٣g:WNfkh|“3h{y Mf=wxOM}gx0dz ԇ>;6?σ]/Ο8ҰwﲹO˵<~ջZ׭}S}\wo퍷s _b룳S[ײbiz.kd85VeP<'оq)gXn|ngKl8D5|8V/'yҍsR8){WWMCoأ"T8f|[q)6,| Zi+{;Uc9 NaRIυ^K3zsFݒsggfjMWҨORogpw'_&;[!ӵ7Z<bE?A{_ Q’%݋e̾yvLdy\dv}5FɐCv3|wzXɱN'uݫ-=e߄%=qxOoՌqs9}A:9|ߵluYNGzq_o78/ȑ# ##ŽTR= 0c_܄?I}HLƾ׌4#YAN'x\'/}Bf,S7y4.y:$8R{`;zq;e8n'g[LkԜȣY}}'Ş{_;o,+h\`[2kY {n^˝toA45/'} c}{}xjsA]<'a/l~Gg}j_~g&e1+Z+C1ohg#Hin̦y}/ld<F6F;n0i%3Fow{n[Y j/:z/o6\ۦ-1}6s{ ~^M_6h 2u'ߪ}k<Oxq&TmX:y 7Oi0S<U]<ۛ^|ShM9RϢ2ء/2_ǽ}]]̎g<ǸWzy?2]gSna:\8SjnSN%1ڒNFq걘#Ng q>9,2g^ڲɚ0>3ٳ<.z9Q75xύ`G3Yxޝ>։ق:#qɲ9$1QҠ8ު1ڳ7&笛=)Ǵ1,~ߢu5;1t韡+'ཱ<%%}\m]1xa2zg7Mw7x+]W'cqAY&̝hw.&m|Ndp=0iY`2nYe'veپ\m9ZNd<+t߼|1f5+ئ+p{ߣ[ѿcO,ccNNCٝg9}7 ^>:=#:9ǰj9׾γڳtfl;ٙV}63Ƴ!nhԹ,ܦ>׳"ɍZ9Y<Ŗzl̙Lw<܁2hOlV5j<טNKz;oAo@{)ߊ_z?+<~{o]o|zv2zw}Rpvf߲/XPЮ;T=߽-٘t4R6g5:5ttF/S8'_B_5fuN3*հ<2g⡻,hSvpgm.jз(6kK}{/`ϟ]cy[cŘdlP{17i=wSL14x.&dYcYb]s5۶Z7[nBH׵{zVsi -N92O6Ūk{QlEyK>M5ڊk8O -~gx^?repve-c-'swos7%#pYgI97btX]p/y1|bGQ6c=|yc8S|_k116PԽǪW,Iyz_F EHbp@83XX|6Cnթӑ}GQgeFFDFƖOAv8mYc_Txs@nrPn; ,y:C2!ٸ hTqo* .j;= {<~KZM4s|"o ԣc4j~i.[4V~أ=K:[rlUo%r)Jy.`?Ʉ1_uejŹ^y)||ZX?I)G=^#nOi.g*dosrkz&9 c]<7㜡wǩ/|F췰ƉǚZWWK8oܑ^'ҩv=n!cc]||OK_+ù":V/oYZ͌lg=#lX< ZLsc;EQ;52"hLV lG^g(P;r4g5Dw*3? xg!sQ\Dݹ{jۡɺ _Jƚj˟Iz};Ej }#,%"[FozXI0>í=Wϱ|՝9_;sة2ݴ>ʳ-)ϰkLDv(sɳͰ٪Ӱ©ij]ǹȰ¯=ٗ͡4+U{lܲN,>M޳.ӱiճݦʹʗiǰ=_/5I"w?IR=:`1?LϵǴ9բɲJܞO</惜|п~p<D{ߟ|}Gy;';ӂu}\>ϣ'ﴥ <8ͽ}nN{OvG7H|[w+ӝhuu™B_G;} -i.Ϧ:w>3ڃw^a&ϩK| /HGw Aݚt,}m|c]\ ?޴޸f k?:q;u3X63XҞ{-xI>| <K%S| 3z흇zI_<KgP={n, k';a^ :>ԈE1Ƕ7s?ɳ/:gڱٰh:&tޘĝ<]qʌ g?6Kع|S?[c~z^Nm ކj#Lѹ.p 6}7@W:co^)W]sҵ|#qe}9S,h̸.?1}SHqڹ~ȝEneu𸵮1Oy9 n Mmk|jG^n*i7枚-X# vv^Go)ߐ5~rGҼcX)l>'!+ܟҰ[5Է,Ǚw[߹>$9Б,{Vմ&/w?#OG.糧y\v֏ܻGyk7`=9e5)ǰÜ=Gܰo1oՕö[Кݕ;+bHK4*Ǟg̳ҳh*{s} OkV|_y.7D }VdJ܋T=%i~iju&3⅚?#3w?d?>zЇ{-6]7#]*=$hχ-5Lq4-X8q6! z<Ѻ p7kӊl='%9vrРon?Ac}[iE\}|w1՚Nk>L~x{gO+n}]H50=[9tǙc' GYm {AsrLIQ5hBsa?{ٶ~\ aם{nj#0Sṥ|'n3pFi|+ک!ڿr}S?;_VjT#kFkܣ@؏) ڧ.EG{l b!LJ9pllX^۹/$oKL~u;.|.} \f4^8pN6g[7b^~[gMz7  QK?޺>sip0;o 9ѽuo<-t3O-''[$]c_I6׃>d 5,nԚDl/otO[q{K{IZ?Z?ihE8 .g8GNoZ,[LZ-/_~s-*MEb?olj `A崓 pSˀ̅uIߚP?*͍s;~~ϿH_]aIZ/[Zŏ[O7?1bĈ#F1bĈ#F1bĈ#F1bĈ#F1b٥զ8࿓d ZwRnR[ ]?*hhe&ڦ6((f|a6}ya̦ >~ɽ01+œݳܝs3|γW|)Sհ%:7&3?׹γoήafV^0z}߲,w+b1J n׾ͳ?qϸ?Ws':e)W2<]3Y_;A[Nʗ~>stream q /Perceptual ri /GS0 gs /Fm0 Do Q BT 0 0 0 0 k /Perceptual ri /GS0 gs /TT0 1 Tf 9 0 0 9 431.9499 643.3254 Tm (41)Tj ET 0 0 0 1 K 0.5 w 4 M q 1 0 0 1 89.2914 495.813 cm 0 0 m 320.315 0 l S Q q 1 0 0 1 89.2914 296.4429 cm 0 0 m 320.315 0 l S Q /GS1 gs q 1 0 0 1 72.2835 100.1495 cm 0 0 m 119.055 0 l S Q BT 0 0 0 1 k /TT1 1 Tf 0.001 Tc 0.082 Tw 8 0 0 8 72.2835 82.8004 Tm [(*)0.5(Ma)0.6(t)0.6(t)0.7(he)0.6(w Ha)0.6(r)0.5(ri)0.7(son)0.5(,)0.5( )55.1(Asso)0.5(c)0.6(i)0.7(a)0.6(t)0.6(e)0.6(,)0.5( Hon)0.5(g Ko)0.5(n)0.5(g In)0.5(st)0.7(i)0.6(t)0.6(u)0.5(t)0.6(e)0.6( o)0.5(f I)0.5(nt)0.7(e)0.6(rn)0.5(a)0.6(t)0.7(i)0.6(o)0.5(na)0.6(l)0.7( Fi)0.6(na)0.7(nc)0.7(e)0.6(, C)0.5(h)0.5(i)0.6(na)0.7(. E)0.6(m)0.7(a)0.6(i)0.6(l)0.6(:)0.7( m)0.7(a)0.6(t)0.6(t)0.7(-h)0.5(a)0.6(r)0.5(ri)0.7(son)0.5(@)]TJ 0.013 Tc 0 -1.5 TD [(n)0.5(e)0.7(t)0.7(v)0.6(i)0.7(g)0.5(a)0.7(t)0.7(o)0.6(r)55.7(.)0.5(c)0.7(o)0.6(m)0.7(;)0.7( Ge)0.7(n)0.5(g)0.6( Xi)0.7(a)0.7(o)0.5( \()0.5(c)0.7(o)0.6(r)0.5(r)0.5(e)0.7(sp)0.5(o)0.6(n)0.5(d)0.6(i)0.7(n)0.5(g)0.6( a)0.7(u)0.5(t)0.7(h)0.6(o)0.5(r)0.6(\))0.5(,)0.5( Pr)0.5(o)0.5(f)0.6(e)0.7(sso)0.6(r)40.5(,)0.6( Pe)0.7(k)0.6(i)0.7(n)0.5(g)0.6( Un)0.5(i)0.7(v)0.6(e)0.7(r)0.5(si)0.7(t)0.7(y)0.5( HSB)0.6(C)0.5( B)0.5(u)0.6(si)0.8(n)0.5(e)0.7(ss Sc)0.7(h)0.5(o)0.6(o)0.5(l)0.7(,)13( )]TJ 0 Tc 0 Tw T* (China. Email: xiaogeng@phbs.pku.edu.cn.)Tj /TT2 1 Tf 15 0 0 15 73.5211 573.1617 Tm (Enhanced Special Drawing Rights: How China Could )Tj 1 -1.467 Td (Contribute to a Reformed International Monetary )Tj 8.06 -1.467 Td (Architecture)Tj /TT3 1 Tf 11 0 0 11 179.4796 510.885 Tm (Matthew Harrison, Geng Xiao)Tj /TT1 1 Tf 12.222 0 Td (*)Tj 9 0 0 9 234.2042 481.552 Tm (Abstract)Tj /TT3 1 Tf 0.056 Tw -16.101 -1.5 Td [(Since )0.7(the )0.6(end of )0.5(the )0.6(Br)37.1(etton )0.7(W)91.8(oods era, the )0.6(world has operated )0.6(on a de facto )0.7(system of )]TJ /C2_0 1 Tf 0 Tw T* [<00490055>37.1<00480048001000C0005200440057004C0051004A0003>-42.6<0048005B0046004B0044>0.5<0051004A00480003>-43.1<00550044005700480056000F0003>-43.2<005A004C0057004B0003>-42.8<0057004B00480003>-43<003800360003>-43.4<00470052004F004F004400550003>-43.1<004400560003>-43.3<0057004B00480003>-42.9<004700520050004C00510044005100570003>-43.1<004C0051005700480055005100440057004C005200510044004F0003>-42.7<0046005800550055>36.9<004800510046005C>55.6<001100030003>]TJ T* [<0037004B00480003>-26.5<0056005C0056005700480050000F0003>-26.4<0046004B0044005500440046005700480055004C005D004800470003>-26<0045005C0003>-26.4<004F00440055>37.1<004A00480003>-26.3<00530055>36.9<005200100046005C0046004F004C00460044004F0003>-25.4<004600440053004C00570044004F0003>-25.9<00C00052005A00560003>-26.6<0044005100470003>-26.6<0046004B0055>37.2<00520051004C00460003>-26.3<004C005000450044004F00440051004600480056000F0003>-26.2<004C00560003>]TJ T* [<004C0051004B00480055>37.3<004800510057004F005C0003>-70.1<005800510056005700440045004F0048000F0003>-70.6<0044005100470003>-70.7<004B004400560003>-70.9<00460052005100570055004C004500580057004800470003>-70.4<005700520003>-70.6<0055>37<00480053004800440057004800470003>-70.1<00460055004C005600480056000F0003>-70.7<0055>36.9<00480046004800560056004C0052005100560003>-70.8<0044005100470003>-70.7<004A0048005200530052004F004C0057004C00460044004F0003>]TJ T* [<0057004800510056004C00520051005600110003>-36.2<0032005100480003>-36.4<005300520057004800510057004C0044004F004F005C0003>-35.2<00B3004F004800440056005700100047004C004900BF>0.5<00460058004F005700B40003>-36<004F004C005100480003>-35.8<005200490003>-36.2<0055>36.9<004800490052005500500003>-36.3<005A00520058004F00470003>-36.2<004500480003>-36.2<005700520003>-36.2<0044004F004F0052005A0003>-36<0057004B00480003>-36.1<004800590052004F00580057004C005200510003>]TJ 0.023 Tc -0.023 Tw T* [<00520049>0.5<0003>-82.1<00440003>-82.1<00500058004F>0.5<0057>0.6<004C>0.6<00100046>0.6<005800550055>37.3<0048>0.5<00510046>0.6<005C>0.5<0003>-82.1<0056005C>0.5<00560057>0.5<0048>0.6<0050000F0003>-82.1<0058005100470048>0.5<00550053004C>0.6<005100510048>0.5<00470003>-82.1<0045005C>0.5<0003>-82.1<004400510003>-82.1<0048>0.6<005B>0.5<00530044005100470048>0.6<00470003>-82.2<0055>37.4<0052004F>0.5<0048>0.6<0003>-82.2<0049>0.6<005200550003>-82.1<003600530048>0.5<0046>0.5<004C>0.6<0044004F>0.5<0003>-82.1<002700550044005A004C>0.6<0051004A>23<0003>]TJ -0.001 Tc 0.001 Tw T* [<0035004C004A004B005700560003000B0036002700350056000C00110003>17.8<00240057005700480050005300570056000300570052000300530055>36.6<005200500052005700480003005A004C004700480055000300580056004800030052004900030057004B004800030036002700350003004B00440059004800030049005200580051004700480055>36.7<0048004700030052005100030057004B00480003004F004C00540058004C0047004C0057005C>-0.9<0003>]TJ 0.009 Tc -0.009 Tw T* [<00530055>37.2<00480050004C0058005000110003>-82.3<002B0052005A0048005900480055>110.9<000F0003>-82.3<0049005200550003>-82.3<0026004B004C00510048005600480003>-82.3<00460052005500530052005500440057004C0052005100560003>-82.3<0044005100470003>-82.3<004C005100560057004C005700580057004C005200510056000F0003>-82.3<004400570003>-82.3<00530055>37.2<004800560048005100570003>-82.3<0055>37.1<0048005600570055004C00460057004800470003>-82.3<004C0051>9<0003>]TJ 0 Tc 0 Tw T* [<0057004B0048004C00550003>-59.7<004600440053004C00570044004F0003>-59.5<00440046004600520058005100570003>-59.8<004400460057004C0059004C0057004C00480056000F0003>-58.9<0057004B00480003>-59.6<0036002700350003>-60<004F004C00540058004C0047004C0057005C0003>-59<00530055>36.9<00480050004C005800500003>-60<005A00520058004F00470003>-59.8<0044005300530048004400550003>-60<004F0048005600560003>-60<00470044005800510057004C0051004A00110003>]TJ -0.001 Tc 0.001 Tw T* [<0037004B0048>0.5<00030026004B004C>0.5<00510048>0.5<00560048>0.5<0003004400580057>0.5<004B00520055004C>0.5<0057>0.5<004C>0.5<0048>0.5<005600030046>0.5<00520058004F>0.5<0047000300530055>37.3<00520059>0.5<004C>0.5<00470048>0.5<000300530052004F>0.5<004C>0.6<0046>0.5<005C00030048>0.5<00510046>0.5<0052005800550044004A004800500048>0.5<00510057>0.5<00030049>0.5<0052005500030057>0.5<004B0048>0.5<0003005800560048>0.5<000300520049>0.5<0003003600270035>0.5<005600030045005C>0.5<00030057>0.6<004B0048>0.5<004C>0.5<0055>-1.2<0003>]TJ 0.006 Tc -0.006 Tw T* [<004C005100560057004C005700580057004C00520051005600110003>-82.7<0037004B004C00560003>-82.6<004C0051004C0057004C00440057004C00590048000F0003>-82.7<0056005800530053005200550057004800470003>-82.7<0045005C0003>-82.7<0026004B004C0051004400B6>128.7<00560003>-82.7<0036005300480046004C0044004F0003>-64.6<002400470050004C0051004C00560057005500440057004C005900480003>-82.7<00350048004A004C005200510003>-82.6<002B00520051004A>6<0003>]TJ 0.007 Tc -0.007 Tw T* [<002E00520051004A000F0003>-82.1<005A00520058004F>0.5<00470003>-82.1<004E>0.5<004C>0.5<0046>0.5<004E>0.5<001000560057>0.5<004400550057>0.5<0003>-82.1<004400510003>-82.1<004C>0.5<00510057>0.5<0048>0.5<0055005100440057>0.5<004C>0.5<005200510044004F>0.6<0003>-82.2<003600270035>0.5<0003>-82.1<0048>0.5<0046>0.5<00520056005C>0.5<00560057>0.5<0048>0.5<0050000F0003>-82.1<0044005100470003>-82.1<0048>0.5<00510046>0.5<0052005800550044004A0048>0.5<0003>-82.2<0048>0.6<0059>0.5<0048>0.5<00510003>-82.2<00450055>37.3<0052004400470048>0.5<0055>6.9<0003>]TJ 0 Tc 0 Tw T* [<00580056004800030052004900030036002700350056000F00030057005200030057004B00480003004500480051004800BF00570003005200490003004C0051005700480055005100440057004C005200510044004F00030050005200510048005700440055005C00030056005700440045004C004F004C0057005C>58.1<0011>]TJ /TT1 1 Tf 0.043 Tw 10 0 0 10 72.2835 278.2209 Tm [(Key words: imbalances, )0.7(internat)0.8(ional )0.5(monetary )0.7(architecture, )1.2(monetary )0.5(stability)65.8(, reform, )]TJ 0 Tw 1.701 -1.5 Td (Special Drawing Rights)Tj -1.701 -1.5 Td [(JEL)37.3( codes: F33, G15, N20)]TJ /TT2 1 Tf 11 0 0 11 216.1239 215.0858 Tm (I. Introduction)Tj /TT1 1 Tf 0.007 Tc 0.083 Tw 10 0 0 10 72.2835 184.2052 Tm [(In the 10 years since the global financial crisis \(GFC\), while ef)17.8(forts have been made)7.1( )]TJ 0.032 Tc 0.082 Tw T* [(t)0.5(o reform)0.5( banks and re)0.5(gul)0.5(a)0.5(tors, li)0.5(t)0.5(tl)0.5(e)0.5( has be)0.5(e)0.5(n done)0.5( t)0.5(o im)0.5(prove)0.5( t)0.5(he)0.5( int)0.5(e)0.5(rnat)0.5(iona)0.5(l)32.2( )]TJ 0 Tc 0.063 Tw T* [(monetary )0.5(system. Global indebt)0.5(edness has risen, trade and monetary )0.6(imbalances )0.8(are as )]TJ /C2_1 1 Tf 0.001 Tc -0.001 Tw T* [<004B004C004A004B0003>-82.7<004400560003>-82.8<0048005900480055>39.8<000F0003>-82.7<00440003>-82.8<005700550044004700480003>-82.7<005A004400550003>-82.8<004F0052005200500056000F0003>-82.7<0044005100470003>-82.7<005300520057004800510057004C0044004F0003>-82.8<00C000440056004B0003>-82.7<00530052004C0051005700560003>-82.7<0049005200550003>-82.7<00440003>-82.8<0049005800550057004B004800550003>-82.7<00BF0051004400510046004C0044004F0003>-82.7<00460055004C0056004C0056>0.8<0003>]TJ /TT1 1 Tf 0.002 Tc 0.083 Tw T* [(range )0.5(from )0.5(Italy )0.5(to )0.5(emer)18(ging )0.5(economies )0.5(to )0.5(the )0.5(bond )0.5(markets. )0.5(Initiatives )0.5(to )0.5(reform )0.5(the)2.1( )]TJ ET endstream endobj 105 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Subtype/Form>>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /TT0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 7 0 0 7 181.31 32.4503 Tm [(\2512018 Institute of )19(W)80.2(orld Economics and Politics, Chinese )56.9(Academy of Social Sciences)]TJ /GS1 gs /TT1 1 Tf 9 0 0 9 148.9898 646.3984 Tm [(China & W)92.1(orld Economy / )]TJ 11.129 0 Td (41\22661)Tj [(, V)111(ol. 26, No. 4, 2018)]TJ ET 0 0 0 0.6 k 426.614 636.378 22.677 52.441 re f endstream endobj 114 0 obj <> endobj 115 0 obj <> endobj 118 0 obj <> endobj 119 0 obj <>stream H\j0E -E{1'/i?Ʃ,*utH ~Vgxƛר.xm'zֿZ$>/ӌCc1(K~4E== |}o>oTx9YE^ZUm %ߊšJq,ѣɵ}kJ'jUOv"tA(G0hS֦p̜'̙p,);qLq.3KnƹhspA  {=\#̒ R/pUp]%Q~?Y>zz!q=]ֻ[->^"]N endstream endobj 120 0 obj <>stream HtTWYXPqvaV)*kb`L"X]I+6ł;-QwԘhbc[<|}3{gw@" N꤅ +]sB\x%zHrm*D@waq>o^{#Ь_82I?\HGH;J1k֐($G|D5wGMt6zuhT|KV!#1ak4bҋc9& c Ow[ Ci%s{NC$:):'4?CT{n5 )PpE9Ls;:9q)S|*WZ5k֮Vz4lq'4mּEV۴mg;t._tn{ջO(; nC&$>bcƎ?aS۩Ӿ>csΛ`KRR.[bߧYn6[nھc{fǃ9zN9{rqk[f|(lIj_&c2MPY.S⌸Nϓy5|QqQ:)=>"%UY+;Mnw3i~T7GSI UFjXmNQשLe(g0L.ކ% 0:݌F1llk2 wMh.U*kZVW ׆hITm6G[2Zv@;.i7_Mᦦ榾hSi](t*mVZnmlmfmid/ۋG6@%IQ?UtW[IVRZePtuB$4ER˫j a)!CW4k_¯~??YK67$RӠTHJ$ojmam]o'-PM[H&Ojb^&bc؂mA@[uVh{d˵-]d)-:wpD Q0՝1{JY? NVy #Uh^ӼKkK+K%j -,2?6a~`o[|||,b>a^ofnennnf0aU UeiI#(z"m5+8ֿ2wfS{>\8zFsO S1M7܈?psn͸9܊[snSsȝ8;] _W܍sɽ78s <硜<ɣ3XGx"O~ cEu{pc'v8L?8 JWBj? &ҟX#N`GJXIfg˰ eWvcwQ؃=ًه}?|W}PT?vQ ,[ ʧQ] 485NiĠ)6b4DILb{c8ieWC#yT | M!^aTc*d9%wz2Ӳ:Zaδ:/BЌЯB^H,+=Qv 4R) SDOsR "Ӿwb#ȱ_!|v9ry{Ȉ#^rlVZ$^ g˭uf:rvp6n>?^k/[|+˧~LS P,{C7qJ>œJ2ۡԲJF%R\ZCS%ך<@6? -~<AeQazReQƪ7'"YE)ۨ)~fGDU͈zVZCB~My l@Eq6YlMw)Ÿh1x͢b<<]L;&g ,e #FI:'j_y: QJۨJ^ϿS,g vW!O+Ǯ*6AY=n]Pq}ڠSըD8&YI[EđwNyU'LnV,rMrZ>SE.z%ڳݲ!Eʦw8w3C[ZجR/ݺO3nFX_ kJ c ݦpzFINt8|s+ '}K>ư kmyjК2ZkZlTO+3\a_uO+MAO|+5Rw`/w8zil(bo^RUhF/}^ A; vJhr0&&꾀{`S -;@LfF_5v Q}zRx)ӀCAUex| Jaqs:m,~G# |alii&..8:c23[zM?Jˆӫ -TQ_kTL>͙և33͙3=:ٟ(ֈHkT,LWuЋJgy5Omۢz]=sݒD-Dg,6;(CqFre5⿌WkpծveeK+ƖdKVȖ1bLc;Cb ; f\'44%P2,Le m}$?3mIB4S ޻ٻ~TLK~m7K[=PBq#Gԓ)(HSk:p;uuR}1Nn]Eco朮jMtVj+hꎶ12m#P.YW~\ii)Tj(U1 ,ǝ12 igTˀj|3- ].FcÍQ᝿Uy&D|yw; DitE/XH&]%X5FJGv)Òj-Fj?cJ\΂06WP." k]Xd^j5 }UeU Mᄫ8{F+u1^]Rv7L<9pm~ 󚨵5Xh1ˑ]ݨtb&.ߙ.q8vZ= lrbJ[*K2n9 yn+Af ίr\Wn*B^t||EPx8kmp~Gr|mKS5zв.N`+G6w~[` YP~NS%Irê'ZWן?=[[=kO^<X\q!ϚZBV,2٨TPv JCFW嵐k5G|y^RWZJ 9&@ Uj]32mCߌB7<4‰@Cz8I TM:VUz D54O}Aڇ!Mل4,3o|E? %ɴ]rFRkV?Lݤd!V y+ZzzeKޖ];lە/))?pUNYr!0 p4}&lrx=}MSN8mig"]xM<>"x8b izU ++ɾS{v s.}eaSVn[鯒]yS1tSɏ?I.fB ( L$~9 NEv/+X13YQހ"^Ɖ!d ?r؉rd3f 18q<Ԥ 99 ԏd$b4ߌ1Z2Vpq'*U5ʗ: )O2J]];x^mu"c(*wE(}e=<"/}2Zc"Ylu{nZ &۝sE^m RZ :XA _>{t߷oӿ3n+(͹9^h9T36E-U!$ Y0_.PT&n Ȉř?Y4O)CNkSIX|#KZ4LE&0 (!í i/œhSO'cu&œ; P|X֙m˻MI";!==IGʩyyj*x # dɛg!)%%PbCǜE~ ΛxûcF|_Izt+DJIWl#Ļ⹇.p_Zǃ?7ZۤZiϾx ǎeWfu]o| O %vLK#)`q;3lھR#ȹV _",?$kz$5_He>i,=}ߔ)%) 'J^M$Q%\PdrªEb pJs4lkn;FӾzd\'>Q|۽ P ds8;38:akL7 ~x4<7yl'+W&_5_I2p[o}NTjgo1mݿ>fpR/bҘsœAI 4~K2wBC=Lo_`_wq_!6}BQ՗?Oj0>Wjl]B~ɇ W!cC!Ol6 # 2G¦?0 F 9BrDL9~cDw&Mo^F>BUn..UNsϴ6հ8\czгoчȯçϑX4QzTs{_1j ^H7Fj+o] z H3o}+ͱ/?k%&t.,ũ!'ȜhN8ȜK7@_F4!r~%BbOUs]Fyk DZ-ɖ&Hdr?K%b%ŠbŠRa`1T cjZ͢1R9sGw$Ex:!aQL ) jSմ?d\&d]Ng.e!vrFά/J`@ ǭh]FElYWL[2pԗ}LWg0F5PSA„!{GfhO=|BE5kJcT4)%/҃8VQ!uZ0CQɂ#U{aۭ6<<8eZU'ް,9ۈG'.RFML66Pvc8;>|>;8?8NHnJ!PXc|F+Jiź"UiFBmՖlRMjRۤ1iV(~e,{_==w+AɂgQ 8v홝P4u'N޼j޼J\Q"lM:~?9_g^ȿ~)H\BߙV[)2jsӊ =ҀQˀ>VA&$ rR-mjgosaJ0xJbȩ!="(-O0'U*oAK*I[x)($S '&x"Y R8djP߲@9 ġ0b1LJj>2_m%9%}˫Xj55,ZEӰ_qzkE[bFvhqc`_¶1;ːpD#8 68惦5M ;;Wow>*¡_Ck3Lc`˒V:Yd JYQz[L}#l'`;9o{:rv uwj`veӭkqo1dZ775;c*Ppo aq2$OFNyT^FݸRם֞=t4uv&q12`#(h B4 "*~,5z F,>'ګM4VB8A;iSŠ=Hq7^wms3*8Qc%9eLJ:G ]o83OٞYg2!Ԛ<&lJאBFxxD2 رH6b5!/G>5ґC{>~r/M koXҝi m#L>~߂؇ꎡԉ3N9,1J]EQ/2F[; LvogG7w*ŒBYѹ.??._FpP=Ccdh\tA UhL3-sjnZUB-TWWQg:ɔR.`~wi*Ϣ*EM a]l;Ud&i{JKO{.5hjY["¿"Rxd /)`cI^tܣAYXtEʒ[|֗,1w @^- 0 _b6Uʂ{Dl v9oB%N%>4ʳݵ[5]ܭ>8ո%հ%mОn٤Мۿr+:ɬ˵>-(sް+7пް8N6<2\BiY~D ~oy.WD E9TEBss>jw6h?#whQ9 <;r&Ur%elFMLt X$uJ*%wfjpz3ntR$wmOݕqɧ5NYPe\AP{i\hE |4h+k4`%^b c̕,ݠpcPK4fq8qamx8Z0BI(;X%a2<^FXw+st,ypntUsV8sgߗ=?z(9q_|0R{sYӳF@.p }RzYӈ.Q^4.ވ$(J(IaIz۰rU)j㯥8ŐuDW:J Yk;p̭l m믵4r]@%_yQ2PMG./z˒\0 Vҷ2t{w{r%@ow~4"*tgg:Swkr+̓Ҷzk2_h3tf s(#FPBCHv:Yؙ2qD ' 'zND3q~ _0\TC}ٸ*4h8޿C? M0GIup l=?fHpm;/s#dz37=ASZ!v@jdC~&' h- hl~=@qMGIդϑa+j n,ɖ%ld.Sc-S`B[G)P;Cp8Nx̐@M;M?b:igW26m|>s˺# ˿IlN‘DQf{nezf7֗K.K-n_d-Id{95Hv'jF>y-Fl4>MK4h|>&lG `dgOUo7=w/,^);2cL;!M:*Qsxhd ^oPHX5d5&kِN7 MMdB]lNwĘl28c^A^x4c)I pR(- Od+g8bt.xKU2`T4T@(>/ѤM^&ɤL< CH?W*~E9>2ǃ$0>4xrydt) F P9r9 'iOq@G@GgO<"Q8AI>/;?X2opYp@[Ker\2ūl-K]JŠ[.+)9SWBee=VMRIf ~' U|Kju[ZxTj}Im{SoltghNġoZ,ܜޗcJ)cyTJP)Qve݄7-ܯ{ƉqWA/\RRRV&k-9Y"h sy\$UϩF! B!z< |=E 8t><#\Q2 Ɉ .#A0'HV&'+OQ+8Ei!Y %OQ'OA&tVSJR"_ן3/>_r(1vO}´@6-QtwiZ+/I) bXLom[C4AZ-%H6$#H` #Ģ 0bFĤRXD]υ:n І˔TLY|ȜԫaZ1j E0k`7@>iN+3<6(JR9Nby+zl%gм+paV( XlnC5ep[v^L Pd8(REP-#1HAKaNQprhiVڪm.(V g+,rշBmNleRY[zBVgG|c]eH ]yz(yc"4M^<)"1nIޤnn5JI>7`*lLN+»b7 .-ׅ( C:y'3 ledH Bɤ(DG4]^ü`)%uzCaO[y僼Qv!^GĽMct@OkSEFd9đĊҩP܇qI.yJTI&I| e:J$Jr$l7kT/k`9W.?9\BhzEeLBJz%ch:EJ -42}bx){Ђ6 j"YMTmXɓEP`,QD9{iAf;0OIuh/MxʾأxBA.жL#ZxaFf=yo4F^:蒏8Z/c !F6 a*k$ٷi H˜@9qKBM=K}=PօvneooB?mɽqYWvڐ*^[>+!̧6}PC}s `Cr.qt&WrX`"9 P˜@y ;~0wЗ8vF{j4EVgWSȐ_uk^oz080̷_|;8 {JA~IdPg$(6SE!i6٘]@BjRH #"@G+􇎥f(U}oCDPd={w~7ЋF jFO0'޷kNFtkxs7 3c&MFyL\t%~H!"ƆPXF:|Mz& m }6vnC셀dk '*2Us=Ʊof_"{4ɠوzxE\\cSȱx5Cw7ǘ77| s(tTp̲[3aR;qP{')AslPǾgLYB_U`$#m| uDxG34݉\EدF$Pwфΰ&r)}usG)xS`kC;nԾ{u8z67F4+VgVꋙGD)اJWQJVsp < ,$jcjwuE\F:0s_T;5 :]9Q -m#;FDUHGsݍP{y}{g\v-q=+6Ns lV$S-\߹`Xl=W5k$9|fD=m]ۇGʍ5yMr0V0@b(ez4fGR=FXT2S>(WѾɮg7^O7?kު*9ߧX+G@ͽ,@*FB.Q;Abr-DQLq?1Fd>V Ǟ5!&qp͢rЭz]$k3W՛YlҠΠZ֫s=d#WK:)"WΨYw th:SA̐fw}u9 d5Ubmhǽa)E|=҇E-ʼnEy܂|0wrjut,|.u1.R-B#.~cO% a9|xQKd sCpS0y> ^+P7e(Ur7>?śtv/&TJ#8(Oi>Rn?"Q!DM% IBC_e0z['^{NO&QW/]qy|jgq7kψD/s}]5:xH$ٴy*I.uUơĠ=H#1ދ&`7Uн86%л3CX<E8u&D}t $.h_6]0zJud硿x sl*2X Rv~t]JmS>ɰMϧx/f_A߈Gi%u 'Do"("("!4|i&|I:ugE$Lt+įP߶y7O[wxAzCԌ[ئ}:j: [.B*%哗ZޘϤ!Gˢ{T* ?'ޛE0y-:A&p$KS fc\Ra/|aB*V2&.P:ȼSaeeTYwfAOX5|aO,wٴhn[߬W}lEٽn?-\)ޮ =n^{*'`PTT*DkJ%&_FCLLL`(QDcAc ~f%FqvvoM¶X0.s'yolD?NDv}O;$1>Ûum Ũ)`KFze=bR2R[w+)Fu͆R[u9؎OfnxkuulT@|35*"ACU9U>V%mz])= xbҦ8&}#EDTzi•y –vDTKZqw;91 BͲcįem%]҈d0M>if^ ZX#X#VVΏgnj߃KDKR Ft7b)%:I"l$F`V4~uU 4TH^7!GhG*,guGqws %ޱXxA>/||  08FABDx (bfBy݂Q̙&0FC"1Nwhʹ]HL2Yo KҳaiSXJUa龰4',K17L`r9'I}K>iOz'=}R'$! 39*UKP| 9KrI(h{ϑXD^Fc uA)C2~6<~Y3VǐJ{ȋwQA!oOᛶޠ+ů#&KV[m'jrR&`蔛l{I܈Nr jEl_y.k<7`{&WB03ס+S5S"@<b* r J'ɋأFz63kN#aIC lPdvY/r)44ztYHIYBZeEf^XI%du$ xf#S€LMX BP#EX)Ve(:EȉH._@E]O~gU"w`˝DU [syV@=[> endobj 117 0 obj <>stream H\ۊ0l/m=>MƮF·ta/$(SY~05̲0 wo@^9vf~ֿQ\/ }A >p"7;+7&7𽕴2̧!-尺*ݼs:1ڰ0߸YqLE1(Q)sJWY6EUWqjT'L|a 5׫^4iЬA4iМKS#3NԈǍSKg{lSw;8D/įgN endstream endobj 121 0 obj <>stream H XW5=]x t@OԸ޺lTv5kAAF$D[B;:〷qugdnW^UW_~ H=7g)UbƌR˛8Ap5.yP\%J#.`1x9,AOvC'J9aZLH+ٍ܈xuXtb#HOF97pey6w P3$%eA@n.VnlHXNҗ)(BЫ[GP9 57XhW8sKO|A/>~@'zT[S:/_/Pl7TXrժרYv&Z!zW7iڬy~ݺM߄}:v]?wt#?O~?*b <$~hBⰤ#F=flʸ_~5aԯ6m?15sf0s9s_E,Y|ܼU5k׭߰q-[m߱p={C=vSϔ.^+WkR+vXaH^[+H=$i4Qʐ2L!WM%uX^C)4tt5O2/4/1b~TSLJg[SP&([bbW)OrjUmjV S۩H5IR;Bu"[Z[%Ғfmɷld Vֶ*]]HMU*kZM5ZhaZiZ6ShBmVhW;0[-c %5Ll8Q/_=S9!?a+HԺkzwUsUuUqUr*\Fb\:&ie/痍} *5`=]Q6qe7Mw-/\ 8s}5Ýl utqtv98Z9;8;:`]{,a>^v;d_i_ol`oo[|_Ч形4^/p_kV| RE YB/Dtvb} +UX2 bL'W:]96BOo)_֫Hc(8y=呂 ,a90YLT,*@edb&L\#,A'xeX8da #Gp q'q w8 < \9`C<`(aF##01 c0/1_a;r0 )k94t$dy4BD91^ZDi -l!2RUeVJʥ<ʧUT@i u6FDW\ J[h+m"BD  ש*.Mը:eKA5զTLu.L0^oJ:J8tNSF6:C%tyBzQ}j[M9r&O=g g,sx.ϓCy>/@./ER^y\r>^kx-7&[ Dx;\Ȼx7ὼx?\̇0| >ɧ4GR_ʐF_de'F99>_ _e;;;:|oDg?!]<,ΝBBI@PHݵú,`AXi +k[e J!ȾsϜyKV{^ekx[&ڶkm=ddbSmM6Sԑ89 rPa9"G⮺ wUp7-WlCflcsmcg1KJk};n'7D;վi')vf2;δAs\;/bm}Ǿk߳=@3o#~j3~n/2ܮz$$KJKdJCi$Y-9+͠6t?vԞ:FRGD unԝzPOEP_Gi=@i=H`BCcIHi*LNo򻜒R$RBi Mi4hͤY4\Go|Z@zǂTuNW>uQ]RUUJu]*uCTTA^D" b`C5 jB<ԂB U3Hz$C BZpoFT14T% r CKsi!{d3rVyZB!4"(h-6hI?Z 0caWUx~a6&L[h+m_i;vKh?r:H0t :I):Mg,t.]+t*Uux&bM*0n-u.&R5&#L|&GΚiqML Ćϵ8ksˉ\>7dNTNtLn葳8s8ss6,nMqs 7|V|;߁٘íN{^ܖq{ w[O};qg]wܓ{qo.>ܗqx !Cx(?̏0Ώc8?#?O4?s<#ya Li0`̄Y0[. - mx\ Y(G|"",J8 8~MOd=Uг4>/cp,WȔ&8a87:}įgn- nÝ.x %*FvgMIԧLI:)=rLd\g LSL0Ŧi5Q1m5v`:Nbnaz^)5}L_7f`t2Hʲh1fyŒ:б.qI.e,|WJ\Kw\Õn↹گruPR: BBX mH!a( }X# ka0!صXezJ6&,[dl_e쐝KvI ~S*X|*V4O )d|ow7p|Md|Y?6G~#>9B\/DE5$RB[-ՑHC= نrN+C&WE\p] Vdj_D [(nq&vFoh84ԙ$7!AD282m29xAì0r9<ҡ '*JJVGܽZԕWS7xċŒlͯfT).6gKXMہ[yu1bExaAqd`|bXYtZ\}tX.l{Y4 \' Rd;PdlSz P 2+jZ(zx9;d>zVHL< 2K e<R\ YK_fH6`m;o~)e_u M$`XKD)d /ء&'N2By['49t-OҖjǴ{j (e.mJ"IjnW{7=K+<"B\D9G34FVe'$ʙ7hWo./Oٍhr-ڿO5WaI3ՖƲŋ`Թ}ѳݲI.0^)eN)EO/n2y.-dȝ*`HBO󠛜,mgۤJ)G(qRN)#(ClEj WA@-m1΋^"pC]oO@eRYyЙ|迍*zwhm~ƱH3_s8sHʃSh:<)PDtkET-VX3F'T-U4MmSSiMP;]4uj豇GF"(#:m?Lj:E=8D%zn"nEƊU(pBդb8tî,h}rQ)2o_oөe ;8g239SS&'%&ěqFLDEpѽ[.;u־ݦkR09=fϰ}h Y>Xed(4 e%# h::Pp:c2 a:@:%fL;NƝBL2黓m:{o޺%  (ݝt#Z{Q@\ J0-Q\u1}{9:0ZJ5Ձ~ŽoeA!"Y(Br]8U EsuBMh&_ NXi[TnY߶2ж#).gm۶jʨ3pY/XjQB漏O#,s,ZP ~L~Y$ʷhIkEF"Xl-p6U/SRg:~nxy &LI۪|b*o L4 \ JR )L"zp6AAXّ!$X"dk@("$(QPT2vѩ{.T-"F*0zH72&r)LѲ*1n D! RA/ː 3Er*E#A\=AxrOK' 2H`/Dz=*|>CɳRHqRz>#|!PzfuVt* trkeCVpL?IPsi+4 Ռ6P54Fg9v^=$q~w6ޮoַn -~zAC]:8CCL&wUFA9H`&6wB-*~A4}aϴK~ݮLTi!/5( "ZFz*=>Yt @~ڒEUZw 9 `1=:h# hpaUڽlX9 !ٍ0N2G$T$~VU)tXч{}]\24Ұ>s`1,;t661O?11uS|H?\I Cp |AxQx@D Dagle9"'(YL">$2[ m+bF)F,D*#D.&,N>r %D9%:QzM4?*|sOo J£T=c W~n91ݒA01b *-h,oc8||qN%ѓ,>p.nՍ5$<9z/ؽ9\ X.y𧀂(w)Ѫhm!g̹s}R.vt\:k<VqGAXk"n}iݒI2GO#s /V'^Z]u;>!>´䘜neԄx, :dthxJg3Ucv9VPL9nX\T Ue0OB0 ߙ%åeR|U[!5(2kh54OsFYyQpDۂ(q*`v'o*Bҿ=? ~ksƕq_E2fo^ڲKfG֎?lܽl/k{ޣ;_Y_GـWy}^TY}^bLB< -bu^g%ڌs`c5[uϿNW*}uו/nG,k*|~qn*ӫCRLF jCʰ,n_Uxȡvqv1--]Mw/ؾ{|>}>8chhҒX)+la{B;D MTbmyъ-"1T{QKTDc[V6{K&͎{ȏ~mMOp)<)NtJ ?]o]#>`bĂ]˓9$"&]A!i,CQsU๓i)IRbgb>pMpА Mh 6],CaLIo @lL&n2}b~yH%E@B[ܑ zu[} FS 7jڀs?ܑ*W6i Y %bAl{$ሱMz*[_<ѓ{Lذ~6R6M./l}?HI@u%P"KTIz=!;^iC|`_ԑ௩W4P6S $O4phRkOڳsh6zO{Io*%$YH\?GrQ3 Үxa)L=^/9^zz*J/54j(\ev9NG><;9x +.dǑ$Fh _$\UzESiӃS45JWiVïwѦm,qlWqLLWerg*:$ju4MX@Zk*00ƣ.BiZP: N~otWT*(kxI ͫV `!-=1~Ly,8/$/fo7IG$l'ՓYյ-gڸD Dn,4t=iZn!J,K3O NYa%> +D,^DzʀB*3v0 zԌV 2SFf%x`iX X 浢Ͼ%oE=K}Gz!U+7Mio=f7[ч{"nX@}LHBB8MBi$d"yxx" 7%e-!Ɨr\"v%DTu\6*)4M0N<3y!5mlH:_~a$o Riڅwko2ut>յ6~n#YJn4# ,֖%rvu . VWvG)6FGykgLm=cU*UKU0 w`^`m€>cF+VVVŸ=.'mzDu ])7x7 *- w"C͋GH% v:|Nq{޺y8yytB(d_Rgzn? 8O.nŋ1|9#Ixè6+ѳҵiۯ5935ϰJ:Ù:zB2zJ4K:|ˉ+w k8X'8m0RmpD\ $ D>tZtb+7`.rtgs| rc^o _JLod-r~ׯ韡g#q8=Ό;þCrH|r*qJ1罯%_}=qA^.})טkϝE߬vK{>[G{}g}{=gz[b ;]2쳼΀y*Ѩ4u๫eHh5Nқ%15#r%af(,9e "XAIJ}N7lWGɼS-0=˨χe-%9bT ( ?ˆG:0䎢pX ;xe{tس3nYKi>۶>j],:g}_R*gMW#؄Ek!bQekEAY}IGKdM':Z>˓-#gY0bv|L~@yX, AJ|aN%@fpגt zB,%A\t$L x_=~Ϧ7i1W殩q7Pbm&ՌjWխwDRa{wG@hȑ:9uu25$IY%Jku6e{Cm]%\jR{9Ji8JK(0DmJmÁw{G.ZG%ꢉ+}ErVWBevtXolڶqW~WK/t[֥wM7xc,8i2 >zuѶa#S>2eh tUcB!*|>κ=NvTnx%Lx&U)B p9"eJqw8v}Lܯ0{I4Q  oƻ;ȐwH)]77#-V7Vit&xF,GZ]@*AlG<C`()Ce)GCӡCWBY.Cea{ oUE9woc`f$ɇ~6k%$D! Q4y82@}|Tþ"LiƈihvН_PgKuXa_,疖 5o;,ELg)ʃ'i^܆C LX$Y=U,%+ !t %U}$2K)mkޱxD6<~>L[ ꪏ3ݽ={w>}|^;:xvPP@.>AԴU*l+(BNbG"5&--#cAj{UXԊ$ ZETDPRkkͼϽGWz|G:6 |a?:$Nl:yC T 06bEMBOV#b=A +rb^4G I >\Gآo%a S~E,/X:jƽ0ׄ0fOXa%|pe;7ls^QwHQK9eR.JԷx@ } y mB5rëd|-/96M޼ NʴK.|]5ّa'|C峪!)TGݥDTKoTŕx,Xnd|۱6cef4D3M@'6@')c DJ%2^#"7 ;cjmrc%#㴕%` Sܞ<稞5-. Oa۷/ 6Apw4̏ JRkx>Gqׯ޼vAk>Խ{>zCNҏoRg7$Kw@$5ztlWc(*RYRgOǏY3RE'p"'S&B|Y EVkZoiU[uI (-jGtChVLLr@"F 02:^k(ho%`U -?N'?8|?@Ĵ8-3YۣFGs\DVct>&-o~bz2DspjuQ @z8+ 9ڞ[-K>];$jͮsmrIUUԚjsE^%WAU\PX貪+L MAUǟtH̶Zg$=Hd$Zw\d3Ԗk+ٶmss#ƿ6k4;-ɵ3;ɶީ|s.Ŋom5:ৠu FKbKStN %jn!Y BiDeDiBhlH!^xyB<>64n9>~6MAlU~Rp!x`ldh ANQso݂b9h6j9׳Bl4H-;1SIqJ=0+ bs+*s'; yBg]G z{ ڒ[4NRɗ'K%aT+-Hw1t9%jɡlL_}2lLnMdc^u:[έXqZnv K59L+tV>eLQkF$ۻ=f ڔؚ]mč|͵ K^.3ς iT8ihPInZPXQ`#ݲ Ė=L`q[4J`lT@׆6? -62~;؎grib'v49mm7a"% Դ6V!U !vA4I4M`Q 󜝦Y{?km?vGQXGWb#s0 6i3 WcٳPrC~qjȍ:Ѓ=t6ԡ[t"ට`yX/seQ+, a]ng+TJ _W(]v4ry'jkm9]?=zs+έ@9^(] _CcXs n&]LL\8 IN2]W`'[1`؟6sƬdyL LnHE yMj<6ym:ﲒ,Öq"_f[2_FR_ZT֛u|x};k_Ag-JzU:o;s3 ?|_V'ܡ 蠌!l!XW0ӕ;@Y P<$*;j*QTƑCxD%=Mf/-_µKi%5L>w`d{Nη ;=8^zxPmMN) Y n~jS˺I eK[vjUIIFqPs~0z',%C-dca$+Q$SQK *Y MD!Ix Q<*Y*YytoRT+\&'h-0b11<8DPLm>ar}@-^| !855ƨ)P%hb! !py6.(bk<g!Q(RH5$GB.EB\F&ȑmf'\LpivTBKKVYrMUx.yKwKvmcJH :Ōi&3Lv&d)f |0eGhF6 vTۖXPڒK ^s,a %s2f6]2yonMsy\̥1Gs;4_/4 0c%]>ٚس>R)1:Ĵв/—尿7ډu%d~*ƱQVbrM⤧ ,5|&ܨMj;J5;;o;-a?u{(pH<5? /% f Ju3p ADIdMd 45{t78ݽnǏ\8wʯ@.~p󧆱;C XˣKjD QuLN]flukUJ,JY%^ D< ˿R9G?3z1Zo;4.XD]S]x3 Mb0eܧ—4 C cƄ{8nHs'rZ׵\R@y٢xq<}Wc ^gȅ,ȯeQUUCumL)3jNmg ﹗}s{okBۥ}u0@"iN;~Tc9< }[Vg;Bb{_viuӊ{Q }`ҁ2aF# >ecu/zjaޡQ%A)݇)!)LV=:r%'zq"g*I4DɬaeT _wjlpn"h3VR{RqI줋idqvvlѽ!L I'"?(g]ĕW{ZfJvvm\f盢 ) B!(-4 |&{ j Y'f/雙ӷ33X߰gi4SՕz?}G{.+5SgA1Nȅ15ΤdX`r ;YI Q+R,MWbIEUhprSƝ+D1N'3H+UU9* +`"BԇSL-vC(71\d]˪yI z]g4}No Aۖ?}D;RȮ`̩%9Ɔ`ou}٠ϞK#|-{[v4 MYJ5"|AxV'p2N8?]33ዼîAXOʓhd&c1e,6_dJyŘLN@kٕMdyMJ qk*X#eYG)]O _@;b&d3X3%v귒iD\b{.N%DXB4 Mq03X(Q~lj4#PH8i Bi ,!VK<;:kWT(Oظ'^x\Xz{[/7xҫͧ~Mscc;Q?;ޢbhaل%%,LPD _HBN4%"dRc_D$|X$|$HAGŦ(%[ 5ͿS*?  qrCĭQ\ vуAD6CN $&8 :v0rq$%ńvfm{v;@d|ĸ0.z3ܐ:Aߠ7g1@-,قBڂ.!⥋Ҵ4+$/(Iמ0o^< c5fUr^!ݻtmyOt}CygG}uG i׵#ա-2T^AUX0z0XviI, HS@Eq2Ķ!Kxyȋ8B,%AxrA4-`Ow(pSr@#~8j:ևc5ۧ>mQhN# 'KY=р;٠ل6ZfA^Mi ."ġQ4n 4+JF$Au`˽}> ΡXvP"|, qNSqD!{AL~}gwܽ:NeFTX~ō-h_6BzuSu4>م9&+ʾ?;ӱ<>'v`^1# ) T0JekaB"F+ҩƴ*$1XFCڦ ux ~Q|w=;ܻ(@4u6~pԚlFѰXlk%Q%T8T_r5"WEzn7o z,5Tw09TR};6+BI? V]4x[';bkEpl_ݣUEYqhnc]Q Shcye{s==E;-ݽk~.5~fM׃AÕv:).%%O}ŅA]4k.Lj=f٢!wHb4 b%Ƃ;!hW,UƲr"Yo1/46KAלx~V.A!l AwmpO]GV}k(.Bmϴ^)e<%B p߹)5ٵ D}G+޼Tv:2k*'$,ؿUț2{u(פUBNxzoR:rvDJڒaaaBoN˿6}5XɷZxg[I6S咲lTFPܿͱ`WhWxg27zYp l5os憽Z}B6nxaWJHqWy]_O1{iD 76-]SZ}[F'nfjR6KO$O\ ,Iٗx_wA/Dž۷c_ Afh,jی/]+9T߷O33 Mr;jO3/ 5&3M̠FV+oԡh>QԡٞhBc$|pKrkb= @:H+M_dW'_Zy ywoJzjL%h{գ]o -8LAd(>6glm0Ǡ߇l\[!|!@6lf1igbor[6c6h9E "kq!X[Y#]я+tJ"_Eafkά͟鿠o"R`sgZ_htԸ ݧtJ@L^ G,1>S~FMրB4Jqf-PdߡOs^7Ua+J[Ry|Rχ}q}a@?`_Clع uہ-(@a0{3:s{@8d~|hظG @'Pڠ|/<^`ad`8g9n0|:z pA4jі ;G6g o-ƙD} lSO 2nM5LJqqf2Φ:#ژ?2|r6;ŸܧbƟ_Ō'cF2%i ,><6f:7( }9x:ag2[3~ |ky|NgO?8ܫ1&;ֿH_r15ʓ>=қoC<IIZ!ab V6_O :eveU-b~x/U}[WЗI',n6}bHYOu 笍D1A1mb|?i1 (-~pPt*߇U|فH׀$iO}\ͥq]<[- VRZCu uk}WQqwwMR0@1DC("R qTZZ4mQKDlPVy uluPAvP-{ݽ&zg>۲<~9@w̾:Fc>tչ =/2PϘ`S~#}4'ֲ:RuP(, z6QΩEL@wq=/,.r(rm|1k`)oz2=H[D݌=ُ(r }pP5zbgCOlZ#ɣse-y`7њϷZ؊:kM_묒gIgmϘeoxb ˋpϗa_烲acon*(835ފeVMڬ\fo%#oWi*KR7bdO9՞OmoH:=x|;WacCrA=;#yVb)PH[w[~5^$sAf?<,o !^{CF+.jY~(u{_˲SZ}8s)!;/AϮl&Cpb>d]W.x}Ŀaz^`clx]KZk;CrgMx~+!UV p4 !6^;y@^m|[]%47+FH/ 6ۂ1_9%Aۈ2k FO4Co<)^ >½mшܱٱ#.ъﲵ'ұ)ҫѢ?ڬ۪B́&}7c⸬.39]᳢=ܡ|5,=<^6ݔK'1v͑" #W}ėB&+\Qݟ:y-Gy>" URcV%K[v܎㺣.qZHKqع(z4iȇ9ΜMȆ8p)9?%^M p5S{x*IHn]ݶ̐yU}n!kf QPѷֻ'su^{7˜!۵xr!eb9җXh8?E!fOXﯰmxW\#_ӡ/I(_Lۮ䢁rRaNga+洷yB|&}3vt_6/cD]1IQ_a.w.}?Q'O9cDZ p>HYjT!z1w296;⏔NayUsb*1gm&LB[&PW4ʞ7 N9sigy rI 3Wɹz<]SwT؜Zs}bOkC YmB{7lN<^%V#=LfX&?dq/{d߄xf "}n Q]Cw=19W8ԫ-ǡ^8ԏkŏ\r8_r5nYojv\7}8_7x{G:w[K/| l `v̡ w^s kHo><vꃾ闃᜶oXBgVbˠ.lb8jAv4a\}7otHg6ڝ=<_+ (%7ɵIac rBb~ 9}Dzx?%~O ">P?"_T~ bgPXb:گf"n_HLf[&nj޵q[)j\ns*6藮ooN*26$76T%ϒD;OޔQ'nlN/ w싙ClԯW} 9\U.VaN';SGO|CǟLxL:7Ni2Sm T.\ڿfx>b HAdUoDks0)rVoQ邯ղ?k")T']kɟϲFroQq䟑\_g0je~R=N.BjRWi=k|tۨ&#8#W0 f߇ a.gƺ; n ;c| d߸y΂JE%:@-arK7b\zItMpK7|۳-9ext.?ڼ/#޲.8:}8`4ۖA$x Q1sʓ{GFE6*^WlU_": "||} hS=NձXJlmO'ˁU4ܚVg$.@b@wug[/'Bx l']"ŗpVد%7ộ:| ǰ_f:s=x_)?p%gǐwCf NLYķy~a?G01C睶Bp }ֵi_g]]NC=fYҮRc~ҭ4, q%8mvȽ64 ׮}?EvKN؆K_׾=r>ʀ~Ij-8P5Mu~J]K`J#Җa[ F(m|?܍2Nb_ać8Ү0e"ϙQڢTc |INCQ-O)3KڗMF}u`Vyp'eAC &i<,le'r>[5|1'J+ q'H9OR+'> 総ј k6k{5WcARmǰ)X&-}V`P0OGobdl玎KV1X&d< <7${8N9(sAEw&`z{8g3Ͼ K/.d2;B= B ~FF( VFr=7N`.ߎ!c AN>=ưs) 2>8$8 }_}I;kX'ڍyhW&ZЋgG[ˈn?Ky/sFh4Fh4Fh4Fh4Fh4Fh4%Q"zr#R(&r%i$ڇ O㨉dk(]MF-JwA/Rz4CMrsJ7(4nRW@~-uJwAoS:cv򒟲ìVI(YL!Z 9j/5|( *ThH 2 vKP2K%keѓ\R ;J䅨ӌoן=mrY[Zj|. W7.yVy˗/]-6뛂K|%* ^8rym$);'N/hyq3m,9YP[owL@8E)N4i_ $"(0CmwLoǎ|YWQ|7;ڙ8ď%^?Up?K]xv3"($V,J@)爽b/CO3 `a ۑbXAqR!,3 4˝*=H.߮![?r ,R&FkTM4tfxR(l mSwX/V7YHLWK1rZ_oÔ`[0s-Pͨӌ:̶ͨ]4} |@`0߁g$hXyQ=*VtN`- ߑT狚 )wi&E+eՍ޳ˤܰ}=~=))ݰ;䭳1qR<?ho֡^>x G<0UG6pmv!o#6oP}(}A`ooƺk<BXskl׍jwЋtZf4ci3ryWA/¼kP4]Q=jDۣ.jw1ͻΥWiW.]HϤ^ܺU'#fpbN< wQ0]w 9#j11q顸_r3#72r/!$֊ / ?oQlQ+"J2[`˺Vϙ-}@a#4ȷpGFeUϞֿ͞{o.m>nX̞@ŝʳW'g399=fI+JR([q)Bʽ +L ~n..KsxKTw唔S)ERGvo8U;l le2?ʢgK?Pr$]gZ즾̫-~̫,M7&Hjщj6@!n v6MeXd/&k 'HʆIrAaݨN'K QǠYQhc2?I=ד@KS`M܎M7Ʉ}\OcO(LyšL8cXRKdWfR:{V#d}B/Z)^+k-X Vp2eij}ǪvUc?[B6~9\qݠmXg;yn_-xe_ }ýE@b8Q*ӥMcӆSC۴ͤmYoGve,usݔ yΜ3W̺R) wum]rZAisڊc˖9]KXMtG2!j`ǻӥ"? jp)ܗid__q@@5GE>r)w&/$xl?trj={+cߨѪM>Sf'D| wur#6[$0 :ӜiF=] _bR@$E>> endobj 122 0 obj <> endobj xref 0 123 0000000000 65535 f 0000000016 00000 n 0000000129 00000 n 0000002884 00000 n 0000000000 00000 f 0000002850 00000 n 0000533377 00000 n 0000002955 00000 n 0000003048 00000 n 0000003141 00000 n 0000003234 00000 n 0000423117 00000 n 0000423509 00000 n 0000423889 00000 n 0000424257 00000 n 0000424636 00000 n 0000381273 00000 n 0000381640 00000 n 0000382019 00000 n 0000382376 00000 n 0000382744 00000 n 0000342581 00000 n 0000342960 00000 n 0000343327 00000 n 0000343694 00000 n 0000344073 00000 n 0000003335 00000 n 0000003714 00000 n 0000004094 00000 n 0000004463 00000 n 0000004842 00000 n 0000005222 00000 n 0000335913 00000 n 0000061508 00000 n 0000061397 00000 n 0000061767 00000 n 0000061906 00000 n 0000305212 00000 n 0000062119 00000 n 0000274214 00000 n 0000224400 00000 n 0000327733 00000 n 0000061621 00000 n 0000013579 00000 n 0000320318 00000 n 0000300235 00000 n 0000216716 00000 n 0000005602 00000 n 0000062900 00000 n 0000014145 00000 n 0000014661 00000 n 0000031337 00000 n 0000031604 00000 n 0000015062 00000 n 0000015338 00000 n 0000015727 00000 n 0000032042 00000 n 0000186599 00000 n 0000186624 00000 n 0000141339 00000 n 0000141364 00000 n 0000133883 00000 n 0000134141 00000 n 0000084984 00000 n 0000085251 00000 n 0000063335 00000 n 0000063611 00000 n 0000064067 00000 n 0000085886 00000 n 0000134487 00000 n 0000142003 00000 n 0000142535 00000 n 0000142604 00000 n 0000142884 00000 n 0000142982 00000 n 0000187217 00000 n 0000187714 00000 n 0000187783 00000 n 0000188073 00000 n 0000188171 00000 n 0000225041 00000 n 0000225524 00000 n 0000256101 00000 n 0000256377 00000 n 0000226040 00000 n 0000226307 00000 n 0000226745 00000 n 0000256810 00000 n 0000274662 00000 n 0000274909 00000 n 0000275430 00000 n 0000305470 00000 n 0000305743 00000 n 0000306086 00000 n 0000373531 00000 n 0000365335 00000 n 0000357374 00000 n 0000349831 00000 n 0000344451 00000 n 0000414481 00000 n 0000406451 00000 n 0000399622 00000 n 0000389978 00000 n 0000383112 00000 n 0000474488 00000 n 0000483561 00000 n 0000447938 00000 n 0000455011 00000 n 0000438730 00000 n 0000431707 00000 n 0000424993 00000 n 0000455186 00000 n 0000455429 00000 n 0000455734 00000 n 0000484192 00000 n 0000484711 00000 n 0000503313 00000 n 0000503582 00000 n 0000485195 00000 n 0000485473 00000 n 0000485904 00000 n 0000504021 00000 n 0000533407 00000 n trailer <<3B8EC8ABAF880B4CA2261C4A4DC89EE1>]>> startxref 533589 %%EOF