Now I’d like to come to the first part, China’s monetary policy framework. As we can see, over the two decades since the promulgation of the Law of the People’s Bank of China, the monetary policy has been generally successful in maintaining currency stability.
Throughout the 40 years since reform and opening-up, the inflation rate has remained low with the exception of only a few years. In recent years, the inflation rate has been kept around 2% and 3% on the whole. It was somewhat high in 1988 and 1994, but that was a long time ago. Deflation risks also occurred sometime after the year of 1998.