These dimensions of  1/5  BIS - Central bankers' speeches  intuition form a good basis for formulating forward-looking policies as they forecast the situation after a cycle. Therefore, we formulate sound monetary policies based on China's national conditions, with the average inter-temporal and inter-regional values incorporated in the design from the timeline and international perspectives.
In terms of aggregates, we have released the "frozen" liquidity mainly by lowering the required reserve ratio (RRR), which increases the money multiplier, thus achieving reasonable growth of money and credit while keeping our central bank balance sheet basically stable. Over the past five years, the PBOC's balance sheet expanded only around 3 percent each year.