The listing of the four big state-owned commercial banks is up to them. The reform on the Agriculture Bank of China is also underway and will not be rushed.

The conditions for a free float do not exist at present. The global economy is not balanced, there are still many unstable factors and there will be a lot of adjustments in future,

The currencies in the basket depend on the amount of foreign trade we conduct. The U.S., euro zone, Japan and South Korea are our biggest trading partners now. Hence, their currencies are naturally the main ones in the basket.

The foreign exchange reserves are still growing. Some people are concerned that the amount of U.S. dollar assets in the reserves will fall. But that's not the case.

These kinds of noises cannot change the various fundamental conditions and sequencing of China's exchange rate reform. They only interfere with the normal reform process.

I don't want to say which ones I think are important or feasible.

In particular, the developed countries, while enjoying low-cost imported goods and services, have to restructure their industrial sectors quickly to create job opportunities and export advantages to improve their competitiveness and dampen protectionism.

instead of transferring various risks to the government, as they did under the fixed-exchange regime.

In the 1980s, Chinese companies tried to get out of the traditional, centrally planned economy and become market players. In the 1990s, many Chinese companies tried to restructure their company structure, to have ownership diversification, to go public domestically or internationally, and then to learn to set up new corporate governance. And after that, I think Chinese companies are looking more and more to the global competition.

At the same time, international capital is rather mobile, and China's economic system is still not able to withstand sudden and disorderly adjustments.