Currently, there is little information, so let's quickly interpret the central bank's actions.

Although the central bank indicated in March that it would consider lowering interest rates and reserve requirements at an opportune time, the market generally expects this to happen after the U.S. lowers rates, as further widening the interest rate differential between China and the U.S. would lead to capital outflows.

Now, there are several possibilities for not waiting for the U.S. to lower rates first:

1. It has been learned in advance that the U.S. will not be lowering rates in the short term; waiting any longer would be futile, and China is facing significant internal pressure, so there is no need to wait.

2. Knowing that the U.S. will lower rates within two months, a slight advance in action would not be detrimental.

3. Confidence in the Sino-U.S. talks, believing that some agreements can be reached, which branches into two situations:

a. The U.S. is currently in a difficult position, the Federal Reserve is unresponsive, states and sectors are acting independently, traditional allies in Japan and Europe are also not on board; whether we talk or not, tariffs will remain unresolved.

b. Trump's credibility and the structural contradictions between China and the U.S. lead to a lack of negotiation foundation; even if something is agreed upon, it would only be a temporary peace, and conflict will eventually arise again. Given this, whether to talk or not becomes merely a symbolic and temporary gesture, so there is no need for overly high expectations.

That's all for now; I will continue to update based on the latest situation.