As long as grain production and energy supply remain stable, inflation will be kept within a reasonable range. To sum up, China's monetary policy is accommodative and is in a comfortable range. We also stand ready to support small and medium enterprises with more instruments if needed. So with that outlook, certainly we have accommodative monetary policy supporting our real economy throughout this year.
But its 3/6  BIS central bankers' speeches  implementation in terms of actual regulations may bring serious, unintended side effects for our financial system in its wake.