China’s priority when managing its foreign exchange reserves is ensuring its security, Vice-Minister of Finance Zhu Guangyao said at a press conference on Wednesday.

Maintaining liquidity and seeking moderate profitability are also guiding principles for decisions related to the investment of foreign exchange reserves, Zhu said in response to a question about whether China will dump US treasury bonds in retaliation against US tariffs.

China has followed the same foreign exchange reserve investment principles for many years, with an internal target of protecting people’s property while being a responsible investor in the global capital market, said Zhu.

The vice-minister pointed out that Premier Li Keqiang had also stressed earlier that China follows market-oriented rules when diversifying the investment of its reserves.