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 authorized operators, to improve pilot schemes based on practices and continuously optimize the design of the e-CNY system.

Second, the PBOC will improve relevant institutional arrangements and rules. We will actively advance the revision of laws and regulations, such as the Law on the People's Bank of China, and explore to formulate administrative measures on e-CNY to enhance protection of personal information. The PBOC will improve the rulebook and technical codes. Additionally, we will improve security management for the e-CNY operational system throughout the entire lifecycle of e-CNY, covering password security, financial information security, data security and business continuity, so as to ensure safe and stable functioning of the system.

Third, the PBOC will strengthen research on major issues. We will deepen our analysis of e-CNY's deep impact on monetary policy, financial system and financial stability, in an effort to lay a solid theoretical and policy foundation for the R&D and potential application of e-CNY. Meanwhile, the PBOC is willing to participate actively in international exchanges of views on digital fiat currency and discuss standards setting in an open and inclusive manner, in order to jointly advance the development of the international monetary system.