Brother Tie Zhu wrote an excellent article! Detailed and well-argued, learned a lot! One point I personally agree with is that the domestic liquidity algorithm of total liabilities - TGA - RRP will gradually become ineffective. Globally, most countries have basically ended their rate-cutting cycles by 2025. The focus of liquidity moving forward will be cross-border liquidity—keep an eye on the Basis changes between major currencies and the US dollar.