China Forex: Volatility increased significantly on international financial markets in 2018，and that was a result of a complicated political and economic situation. Against such a background，SAFE addressed the challenges in the management of foreign exchange reserves and made progress. How would you describe your efforts in this area?

Li Hongyan: 2018 was a year of many challenges. Economic growth varied considerably from country to country，with emerging economies becoming more vulnerable. Global liquidity decreased and there was sustained strength in the US dollar. Yet，SAFE managed to achieve an appreciation of China's foreign exchange reserves while ensuring security and liquidity of those assets. Its efforts contributed to the overall stability of foreign exchange reserves，which helped reassure domestic and foreign investors in China's economic growth. Meanwhile，SAFE took a part in supporting national initiatives such as the "Belt and Road" program.    

China Forex: What plans are in the works for managing foreign exchange reserves in 2019?

Li Hongyan: More challenges are anticipated in 2019 as China has entered a crucial year in building a moderately prosperous society，and as uncertainties in the global economy and financial markets have increased.