Pan Gongsheng, director of the State Administration of Foreign Exchange, said that during the downturn of the global financial cycle, the medium and long-term allocation value of RMB assets is more prominent. On the one hand, the real returns of RMB assets are competitive. Against the backdrop of high inflation in major economies around the world, China’s real interest rate remains high, highlighting the RMB’s ability to preserve value; on the other hand, the correlation coefficient between Chinese bonds and global stock returns remains in a negative range, highlighting the risk diversification value of RMB bonds.