At two o'clock morning on September 21, The Federal Open Market Committee announced the benchmark interest rate 1% -1.25% is to be maintained and progressive contractionary policy will be implemented from October this year. We believe the gradually moderated contractionary policy will not impact the liquidity of the market. The exchange rate of RMB will remain stable in the short run. The Central Bank of China should insist the philosophy of "putting China into the center“ in its stable monetary policy to complete the “deleveraging, risk prevention, retaining stability and encouraging transformation".