for the real economy. credit impulse is an important indicator to reflect changes in the financial cycle, including the direction of marginal changes in the cycle. measured by the marginal change in the ratio of newly added credit to gross domestic product ( gdp ), china's credit impulse has turned positive and upward since 2023, indicating that the credit is playing an increasingly important role in supporting the economy. since the beginning of 2023, the forecasts for china's economic growth have been revised upward in general. the international monetary fund ( imf ) revised its forecast for china's economic growth this year from 4. 4 percent to 5. 2 percent. and just two days ago, the world bank raised its forecast from 4. 3 percent to 5. 6 percent. the competitive real interest rate of rmb assets is conducive to the value preservation of the rmb held by china's trade and investment partners. measured by the difference between the yield on 2 - year government bonds and the core consumer price index ( cpi ), china's real interest rate is around 1. 7 percent, which is similar to that in the united states after a sharp hike, and is significantly higher than that of developed economies such as germany and japan. amidst the worldwide elevated inflation, the value of rmb bonds as a portfolio diversifier is highlighted. since 2022, both the government bonds and equities have experienced an obvious decline in developed countries, representing a shift from negative correlation to positive, so the benefits of bonds as a portfolio diversifier for equities have decreased sharply. as for emerging markets, their bonds are always highly correlated with global equities, as they are risky assets. in contrast, chinese bonds maintains a negative correlation with the global equities, hence a better diversifier. 2 / 3 bis - central bankers'speeches since 2023, our foreign exchange market has been generally stable. cross - border capital flows have maintained a basic equilibrium, compared with a relatively high surplus at the beginning of the year. foreign exchange reserves have witnessed steady growth, and the rmb exchange rate has remained basically stable at an adaptive and equilibrium level. since mid - april, affected by various internal and external factors, especially the strengthening of the us dollar index due to the us debt ceiling issue, the rising risk aversion driven by small and medium - sized bank risks, and the heightened expectations for fed rate hikes, and considering that the foundation for the economic recovery in

anhui province has completed the preparatory work! this marks a new step forward for anhui's rural financial development. when promoting the bankcard services for farmers, pbc sub - branches made careful preparations ; banking regulatory bureaus at provincial and municipal level actively rendered support to various card issuing institutions ; china union pay and rccs overcame difficulties and exhibited impressive team spirit. i hope that all concerning parties can build on the success and rapid switch the focus of work onto improving the operations, increasing business volumes and serving migrant workers well. first, recognize the importance of farmers'bankcards and improve our work in earnest manner. all parties concerned shall fully recognize the importance of bankcard service for farmers, see the " big picture ", fulfill their responsibilities and do their job well. second, take effective measures to improve the service quality. card - issuing banks should activate all ordinary debit cards for this service, and determine a reasonable service fee ; improve business training and other aspects related to transaction vouchers ; and do a good job in consulting and claims settlement. third, standardize services and strengthen risk management. all parties concerned shall conform to regulations on account management, cash management, bankcard management and anti - money laundering. rccs should take rigorous measures to ensure the safety and confidentiality of data transfer during bankcard transactions. fourth, actively promote the service. all parties concerned should undertake multi - layer, multi - dimensional promotional campaigns in accordance with the guidelines concerning the promotion of bankcard services for farmers in 2007. i believe, under the care and support of anhui provincial government, pbc branches and sub - branches, various card - issuing institutions, banking regulatory bureaus at various levels, china union pay and rccs, the special bankcard services for farmers in anhui province will become a complete success! thank you.