Yu Xuejun, Chairman of the Board of Supervisors of the State-owned Key Financial Institutions of the China Banking Regulatory Commission, said on November 12th at the “Financial Conference 2020: Forecast and Strategy”: “There is great uncertainty in 2020, and the external environment is likely to undergo major changes. First, the Fed’s monetary policy adjustment since the end of July this year has been cut interest rates three times in a row. At the same time, the Fed stopped reducing its balance sheet and recently injected liquidity into the financial market. This will have a significant impact on the US and global markets, and will also cause changes in the currency exchange rates of various countries, and may stimulate global demand recovery in the second half of next year. In turn, the world economy will be stimulated. Second, some breakthroughs and innovations in science and technology. For example, the commercial application of 5G has begun, and many changes may be beyond imagination. Artificial intelligence, quantum computing, blockchain, etc., also seem to be on the eve of breaking through, and the development and application of 5G technology may provide unexpected help, which will have a major impact on economic growth, and some even form a direct impact on finance and currency. influences.