For our FX strategy, now we mainly focus on the biggest countries G10 (The G10 currencies include the US dollar, euro, Japanese yen, British pound, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Swedish krona, and Norwegian krone) and China (CNH), we use combination of spot, forward, short term tenor (1 week to 3months) options and medium to long term (6 to 12 months) complex structure for investment, we develop our own risk control system to monitor the combination, we keep monitor the delta (exchange rate risk), vega(Volatility risk), gamma (sensitive risk), when the risk above our certain level, our system will alert us to hedge or reduce exposure, therefore we mainly use the theta (time value) to earn money, that why we can certainly have profit for FX trading in long run, of course using theta (time value) the disadvantage is can’t earn big profit, but can be stable and certain, target to get around 10-12% per year (including some time deposit interest and bond coupon), for this strategy we used long time and last year this FX strategy was well recognised by top 10 risk-adjusted return in Asia Pacific