Title: High-Quality Development of Foreign Exchange Reserves Supports Chinese Modernization

China Forex: Could you start by explaining some general information on where the foreign exchange reserves administration is in 2023?

JIAO Haisong: China's foreign exchange reserves have consistently prioritized safety, liquidity, and value preservation and appreciation as operational objectives, with risk prevention taking precedence. Operating on market-oriented principles, we have pursued diversified and decentralized investments. In 2023, amid a complex and challenging global environment, with major central bank policy interest rates reaching their 15-year highs and increased downward pressure on the global economy, international financial markets experienced intense volatility, posing formidable challenges for foreign exchange reserve investments.