Thirty-two years ago today, on June 26, 1993 (May 7, 1993), our country issued foreign currency bonds for the first time in China. On June 26, 1993, China Metallurgical Import and Export Corporation entrusted Huaxia Securities Co., Ltd. to issue US $40 million foreign currency corporate bonds in our country. The signing ceremony was held at the Great Wall Hotel. This is the first time our country has issued foreign currency bonds in China. At present, the total foreign currency savings of domestic residents has reached 10 billion US dollars, plus holding foreign currency, the total amount is equivalent to more than 20% of the total national foreign exchange reserves. By exploring the establishment of an effective market mechanism for domestic enterprises to raise foreign exchange funds in China on a pilot basis, it will be able to attract a large number of foreign exchange stranded overseas and deposited in China, thereby increasing the total amount of foreign exchange funds directly used for production and construction in our country to a certain extent. In addition, it will also help to improve our country financial marekt and accelerate the connection with international financial marekt. The MCC 40 million US dollar bonds are divided into two tranches; one-year bonds 20 million US dollars with an annual interest rate of 4.10%; two-year bonds 20 million US dollars with an annual interest rate of 4.60%. After the bond expires, the principal and interest will be repaid in US dollars. The target of issuance is enterprises and institutions in China. After the issuance, the amount of the bond will be listed and circulated in China Securities Exchange System Co., Ltd. (NET System).