Breakthroughs were made in the key financial reforms including market-based interest rate reform, exchange rate regime reform, and deposit insurance scheme, and policy financial institutions made new progress in their reforms. We have seen faster pace in the innovation of financial markets and a stronger role of financial sector in servicing the real sector. The cross-border use of RMB has been expanding.
After considering the costs and benefits of the action and recognizing that taking no action would have its own risks, I believe that the expansion of securities holdings was worth implementing to support the economy and make the recovery more durable. I don’t want to overpromise. This action is not a panacea.