[pan Gongsheng: not following the Fed's policy of "big expansion" and non-competitive zero interest rate or quantitative easing]-- Pan Gongsheng, director of the State Administration of Foreign Exchange, said at the Lujiazui Forum that in recent years, China's financial cycle is relatively sound. Since 2020, the maturity yield of 10-year Treasuries has fluctuated narrowly between 2.4% and 3.4%, with the range between the highest and lowest points less than 100 basis points, significantly lower than the volatility of nearly 400 basis points over the same period for the 10-year Treasury yield. The scale of social financing in China has maintained a growth rate of about 10%. The reason behind the relative soundness of China's financial cycle is that China has adhered to a sound monetary policy for a long time. China's monetary policy adheres to the self-oriented policy, adheres to the guidance of cross-cycle and internal and external balance, does not follow the Fed's "big gains" and does not engage in competitive zero interest rates or quantitative easing.