CHINA FOREX: Amid the intricate and challenging external environment in 2024, how has China's foreign exchange market performed? What are your insights on the projected trends of the foreign exchange market in 2025?

JIA Ning: The Third Plenary Session of the 20th National Congress of the Communist Party of China (CPC) and the Central Economic Work Conference emphasized the need to coordinate development and security, effectively prevent and resolve risks in key areas, and firmly safeguard against systemic financial risks. The State Administration of Foreign Exchange (SAFE) has consistently strengthened its regulatory capabilities and risk prevention and control levels while enhancing openness. By implementing a two-pronged administration of the foreign exchange market featuring both macro-prudential management and micro-regulation in the foreign exchange market, it has reinforced counter-cyclical regulation and expectation management to resolutely prevent significant fluctuations in the foreign exchange market and maintain a sound trading order. The SAFE has steadily promoted the reform and opening up in the foreign exchange sector and enhanced the facilitation of cross-border trade and investment, to effectively serve the development of the real economy. Supported by robust internal fundamentals, China's foreign exchange market showed strong resilience in 2024, with the RMB exchange rate remaining basically stable at a reasonable and balanced level, and the balance of payments maintaining overall equilibrium.