【明報專訊】IN the mainland's macro-control, its monetary policy has over the past eight years played the principal role, and its financial reform still affects every aspect of the whole economic reform. In the mainland's monetary policy and financial reform, the yuan's internationalisation and its exchange rates are the weightiest. Their progress or retrogress would have the profoundest impact, as would their gains or losses. Three points of time in the near future have to do with the yuan's exchange rates and its internationalisation. At all of them the authorities will take action. Hong Kong, being the largest extraterritorial offshore yuan market and the station whence the yuan's internationalisation will set out, will accordingly make moves.