Automated Actuarial Data Analytics-Based Inflation Adjusted Frequency Severity Loss Reserving Model

In this paper, the Automated Actuarial Loss Reserving Model is developed and extended using machine learning. The traditional actuarial reserving techniques are no longer compatible with the increase in technological advancement currently at hand. As a result, the development of the alternative Artificial Intelligence Based Automated Actuarial Loss Reserving Methodology which captures diverse risk profiles for various policyholders through augmenting the Micro Finance services, Auto Insurance Services and Both Services lines of business on the same platform through the computation of the Comprehensive Automated Actuarial Loss Reserves (CAALR) has been implemented in this paper. The introduction of the four further types of actuarial loss reserves to those existing in the actuarial literature seems to significantly reduce lapse rates, reduce the reinsurance costs as well as expenses and outgo. As a matter of consequence, this helps to bring together a combination of new and existing policyholders in the insurance company. The frequency severity models have been extended in this paper using ten machine learning algorithms which ultimately leads to the derivation of the proposed machine learning-based actuarial loss reserving model which remarkably performed well when compared to the traditional chain ladder actuarial reserving method using simulated data.

The Actuarial Data Intelligent Based Artificial Neural Network (ANN) Automobile Insurance Inflation Adjusted Frequency Severity Loss Reserving Model

This study proposes a novel approach for estimating automobile insurance loss reserves utilizing Artificial Neural Network (ANN) techniques integrated with actuarial data intelligence. The model aims to address the challenges of accurately predicting insurance claim frequencies, severities, and overall loss reserves while accounting for inflation adjustments. Through comprehensive data analysis and model development, this research explores the effectiveness of ANN methodologies in capturing complex nonlinear relationships within insurance data. The study leverages a data set comprising automobile insurance policyholder information, claim history, and economic indicators to train and validate the ANN-based reserving model. Key aspects of the methodology include data preprocessing techniques such as one-hot encoding and scaling, followed by the construction of frequency, severity, and overall loss reserving models using ANN architectures. Moreover, the model incorporates inflation adjustment factors to ensure the accurate estimation of future loss reserves in real terms. Results from the study demonstrate the superior predictive performance of the ANN-based reserving model compared to traditional actuarial methods, with substantial improvements in accuracy and robustness. Furthermore, the model’s ability to adapt to changing market conditions and regulatory requirements, such as IFRS17, highlights its practical relevance in the insurance industry. The findings of this research contribute to the advancement of actuarial science and provide valuable insights for insurance companies seeking more accurate and efficient loss reserving techniques. The proposed ANN-based approach offers a promising avenue for enhancing risk management practices and optimizing financial decision-making processes in the automobile insurance sector.

Statistical Modeling of Gate Capacitance Variations Induced by Random Dopants in Nanometer MOSFETs Reserving Correlations

We consider intrinsic gate capacitance variations due to random dopants in the nanometer metal oxide semi- conductor field effect transistor （MOSFET） channel. The variations of total gate capacitance and gate transcapacitances are investigated and the strong correlations between the trans-capacitance variations are discovered. A simple statistical model is proposed for accurately capturing total gate capacitance variability based on the correlations. The model fits very well with the Monte Carlo simulations and the average errors are -0.033% for n-type metal-oxide semiconductor and -0.012% for p-type metal-oxide semiconductor, respectively. Our simulation studies also indicate that, owing to these correlations, the total gate capacitance variability will not dominate in gate capacitance variations.

Molecular Environment of Reserving Information (M.E.R.I. Technology)

The idea of application from DNA information organization for providing the next generation super-computers has been proposed by lessons learned from nature. Thus, molecular environment of reserving information was considered as succeeding generation of a mother-board project containing some subcategories with various applications. MERI, constructed based on the binary coding system using DNA synthesizer machine, enables retrievable reading of molecular structures using DNA sequencer machine. It has high capacity for reservation of information about 1.212 × 1011 Kb/cm2 with long-term stability. It can be used in various fields of science and technology regarding its high capacity, small size and safety measures.

CLINICAL SIGNIFICANCE OF "TREATING VITALITY" AND "RESERVING VITALITY"

“Treating vitality”and“ reserving vitality”are very important manipulations during acupuncture treatment of diseases.“Treating vitality” comprises adjusting and treating both the acupuncture doctor＇s and the patient＇s vitality; while “reserving vitality” demands the acupuncture doctor carefully to experience the sensations of ＇excess＇ or ＇deficiency＇ under the needle, wait for the arrival of qi, observe the patient＇s responses, and then perform reducing or reinforcing needling manipulations in accordance with the state of excess-or deficiency-syndrome. “Treating vitality”and “reserving vitality” impenetrate the whole process of acupuncture treatment all along. Through years＇ clinical practice, the author of the present paper discusses the functions of the two aspects in every stage of acupuncture treatment, including before acupuncture, during needle insertion, during retention and withdrawal of the needle. The purpose of this paper is to explain the clinical significance of treating and reserving vitality and arouse many acupuncture doctors＇attention.

THE FACTORS AND TREATMENT OF LOCAL RECURRENCE AFTER RADICAL RESECTION RESERVING THE ANUS IN THE PATIENTS WITH RECTAL CANCER

Of seventy-one patients with rectal cancer after radical resection retaining the anus, 15 developed local recurrence with a recurrence rate of 21.1%. Local recurrence was correlated with improper safety margin from the lower edge of cancer to the anal end. There was statistical significant difference between 3 cm or more and 2 cm or less. The local recurrence was also related to the pathologic stage, histologic differentiation and implant of free cancer cells. It is suggested that the surgical indication of saving the anus be strict and without stretching, the safety margin from the lower edge of cancer to the anal end should not be less than 2 cm in early rectal cancer and not less than 4 cm in advanced lesions. During the operation, no touching tumor technique, thorough rinsing of the peritoneal cavity and pre- or post-operative radiotherapy are important for prevention of local recurrence. Early local recurrent rectal cancer can be detected by periodic examinations.

High quality repair of osteochondral defects in rats using the extracellular matrix of antler stem cells

BACKGROUND Cartilage defects are some of the most common causes of arthritis.Cartilage lesions caused by inflammation,trauma or degenerative disease normally result in osteochondral defects.Previous studies have shown that decellularized extracellular matrix(ECM)derived from autologous,allogenic,or xenogeneic mesenchymal stromal cells(MSCs)can effectively restore osteochondral integrity.AIM To determine whether the decellularized ECM of antler reserve mesenchymal cells(RMCs),a xenogeneic material from antler stem cells,is superior to the currently available treatments for osteochondral defects.METHODS We isolated the RMCs from a 60-d-old sika deer antler and cultured them in vitro to 70%confluence;50 mg/mL L-ascorbic acid was then added to the medium to stimulate ECM deposition.Decellularized sheets of adipocyte-derived MSCs(aMSCs)and antlerogenic periosteal cells(another type of antler stem cells)were used as the controls.Three weeks after ascorbic acid stimulation,the ECM sheets were harvested and applied to the osteochondral defects in rat knee joints.RESULTS The defects were successfully repaired by applying the ECM-sheets.The highest quality of repair was achieved in the RMC-ECM group both in vitro(including cell attachment and proliferation),and in vivo(including the simultaneous regeneration of well-vascularized subchondral bone and avascular articular hyaline cartilage integrated with surrounding native tissues).Notably,the antler-stem-cell-derived ECM(xenogeneic)performed better than the aMSC-ECM(allogenic),while the ECM of the active antler stem cells was superior to that of the quiescent antler stem cells.CONCLUSION Decellularized xenogeneic ECM derived from the antler stem cell,particularly the active form(RMC-ECM),can achieve high quality repair/reconstruction of osteochondral defects,suggesting that selection of decellularized ECM for such repair should be focused more on bioactivity rather than kinship.

Peat properties of a tropical forest reserve adjacent to a fire-break canal

Tropical peat comprises decomposed dead plant material and acts like a sponge to absorb water,making it fully saturated.However,drought periods dry it readily and increases its vulnerability to fire.Peat fires emit greenhouse gases and particles contributing to haze,and prevention by constructing fire-break canals to reduce fire spread into forest reserves is crucial.This paper aims to determine peat physical and chemical properties near a fire-break canal at different fire frequency areas.Peat sampling was conducted at two forest reserves in Malaysia which represent low fire frequency and high fire frequency areas.The results show that peat properties were not affected by the construction of a fire-break canal,however lignin and cellulose content increased significantly from the distance of the canal in both areas.The study concluded that fire frequency did not significantly influence peat properties except for porosity.The higher fibre content in the high frequency area did not influence moisture content nor the ability to regain moisture.Thus,fire frequency might contribute differently to changes in physical and chemical properties,hence management efforts to construct fire-break canals and restoration efforts should protect peatlands from further degradation.These findings will benefit future management and planning for forest reserves.

Effects of excessive body fat on colostrum lipid patterns: overweight/obese vs. normal weight mothers

Prenatal overweight/obesity(OW/OB)can alter colostrum lipid patterns,thereby affecting the lipid metabolism and even the cognitive and healthy development of infants.However,studies on changes in colostrum lipids in the context of OW/OB are limited,particularly for glycerides and polar lipids.Therefore,this study investigated the infl uence of maternal prenatal weight on colostrum in lipid subclasses and molecular species.The concentration of triacylglycerols(TAGs)in the colostrum of the OW/OB group(35894.43 mg/L)was higher than that of the normal weight(NW)group(26639.20 mg/L),suggesting that colostrum from OW/OB mothers could provide more energy to their infants.Further analysis of the fatty acid composition of TAGs revealed that elevated maternal body weight enhanced the concentration of TAGs containing saturated or n-6 fatty acids and shortened the carbon number of TAGs.Docosahexaenoic acid(DHA)/arachidonic acid(AA)/choline-containing lipids,such as DHA-containing TAGs,AA/DHA-containing phosphatidylethanolamine,and choline-containing phospholipids,were present in higher levels in the colostrum of OW/OB mothers than NW mothers.However,the concentrations of palmitic acid-containing TAGs,linoleic acid-containing TAGs,dihomo-γ-linolenic acid-containing TAGs,and polar lipids and the ratio of TAGs containing n-6 fatty acid/n-3 fatty acid were signifi cantly higher in the colostrum of OW/OB mothers than in that of NW mothers.The fatty acid composition and sphingoid bases of sphingolipids were also altered due to elevated body weight.In conclusion,OW/OB affects colostrum lipids with respect to composition,concentration,and percentage.Although the colostrum of healthy OW/OB mothers can provide suffi cient DHA/AA/choline-containing lipids to their infants,normalization of body weight and fat reserves should be considered as a strategy for highquality human milk lipids.

Swelling pressure evolution characterization of strong expansive soil considering the influence of reserved expansion deformation

Numerous engineering cases have demonstrated that the expansive soil channel slope remains susceptible to damage with the implementation of a rigid or closed protective structure. It is common for the protective structure to experience bulging failure due to excessive swelling pressure. To investigate the swelling pressure properties of expansive soil, the constant volume test was employed to study the influence of water content and reserved expansion deformation on the characteristics of swelling pressure in strong expansive soils, and also to explore the evolution mechanism of the swelling pressure. The findings demonstrate that the swelling pressure-time curve can be classified into swelling pressure-time softening and swelling pressure-time stability type. The swelling pressuretime curve of the specimen with low water content is the swelling pressure-time softening type, and the softening level will be weakened with increasing reserved expansion deformation. Besides, the maximum swelling pressure Psmax decreases with increasing water content and reserved expansion deformation, especially for expansion ratio η from 24% to 37%. The reserved deformation has little effect on reducing Psmax when it is beyond 7% of the expansion rate. The specimen with low water content has a more homogeneous structure due to the significant expansion-filling effect, and the fracture and reorganization of the aggregates in the specimens with low water content cause the swelling pressure-time softening behavior. In addition, the proposed swelling pressure-time curve prediction model has a good prediction on the test results. If necessary, a deformation space of about 7% expansion rate is recommended to be reserved in the engineering to reduce the swelling pressure except for keeping a stable water content.

Coal-rock gas:Concept,connotation and classification criteria

In recent years,great breakthroughs have been made in the exploration and development of natural gas in deep coal-rock reservoirs in Junggar,Ordos and other basins in China.In view of the inconsistency between the industrial and academic circles on this new type of unconventional natural gas,this paper defines the concept of"coal-rock gas"on the basis of previous studies,and systematically analyzes its characteristics of occurrence state,transport and storage form,differential accumulation,and development law.Coal-rock gas,geologically unlike coalbed methane in the traditional sense,occurs in both free and adsorbed states,with free state in abundance.It is generated and stored in the same set of rocks through short distance migration,occasionally with the accumulation from other sources.Moreover,coal rock develops cleat fractures,and the free gas accumulates differentially.The coal-rock gas reservoirs deeper than 2000 m are high in pressure,temperature,gas content,gas saturation,and free-gas content.In terms of development,similar to shale gas and tight gas,coal-rock gas can be exploited by natural formation energy after the reservoirs connectivity is improved artificially,that is,the adsorbed gas is desorbed due to pressure drop after the high-potential free gas is recovered,so that the free gas and adsorbed gas are produced in succession for a long term without water drainage for pressure drop.According to buried depth,coal rank,pressure coefficient,reserves scale,reserves abundance and gas well production,the classification criteria and reserves/resources estimation method of coal-rock gas are presented.It is preliminarily estimated that the coal-rock gas in place deeper than 2000 m in China exceeds 30×10^(12)m^(3),indicating an important strategic resource for the country.The Ordos,Sichuan,Junggar and Bohai Bay basins are favorable areas for large-scale enrichment of coal-rock gas.The paper summarizes the technical and management challenges and points out the research directions,laying a foundation for the management,exploration,and development of coal-rock gas in China.

Changes in renal function and morphological variations of kidney diseases in rheumatoid arthritis patients

Objective:Rheumatoid nephropathy is one of the most severe extra-articular manifestations of rheumatoid arthritis(RA)associated with a very unfavorable prognosis.This study aimed to identify changes in renal function and morphological variations of kidney diseases in RA patients.Methods:The study enrolled patients(126 patients)between 18 and 55 years of age with a confirmed active RA of more than 12 months.Each patient underwent the following range of laboratory and instrumental research methods:general clinical analysis of blood and urine,performing urinalysis according to Nechiporenko method;determining daily proteinuria;determining the blood content of glucose,urea,creatinine,uric acid,total bilirubin,liver transaminase level,ionogram,lipidogram,and coagulogram;determining the blood content of rheumatoid factor,anti-streptolysin O,and C-reactive protein;and X-ray of the joints of hands and feet.Renal function was examined by estimating glomerular filtration rate,tubular reabsorption index,and renal functional reserve.For studying the morphological changes in the kidneys under ultrasound examination,renal biopsy was performed in 31 patients with RA with urinary syndrome(proteinuria more than 0.3 g per day and hematuria).Results:Nephropathy in RA is characterized by impaired renal function and manifested by an increased blood creatinine and a decrease in glomerular filtration rate and renal functional reserve.Among morphological variations of nephropathy at RA,mesangial proliferative glomerulonephritis prevails,accounting for 48.4%of patients.Other disorders include the secondary amyloidosis(29.0%of patients),tubulointerstitial nephritis(16.1%),membranous glomerulonephritis(3.2%),and focal-segmental glomerulosclerosis(3.2%).Conclusion:Kidney damage is a common systemic manifestation of RA with a long and active course,a major nephropathy trigger.

Finer topographic data improves distribution modeling of Picea crassifolia in the northern Qilian Mountains

The Qilian Mountains, a national key ecological function zone in Western China, play a pivotal role in ecosystem services. However, the distribution of its dominant tree species, Picea crassifolia (Qinghai spruce), has decreased dramatically in the past decades due to climate change and human activity, which may have influenced its ecological functions. To restore its ecological functions, reasonable reforestation is the key measure. Many previous efforts have predicted the potential distribution of Picea crassifolia, which provides guidance on regional reforestation policy. However, all of them were performed at low spatial resolution, thus ignoring the natural characteristics of the patchy distribution of Picea crassifolia. Here, we modeled the distribution of Picea crassifolia with species distribution models at high spatial resolutions. For many models, the area under the receiver operating characteristic curve (AUC) is larger than 0.9, suggesting their excellent precision. The AUC of models at 30 m is higher than that of models at 90 m, and the current potential distribution of Picea crassifolia is more closely aligned with its actual distribution at 30 m, demonstrating that finer data resolution improves model performance. Besides, for models at 90 m resolution, annual precipitation (Bio12) played the paramount influence on the distribution of Picea crassifolia, while the aspect became the most important one at 30 m, indicating the crucial role of finer topographic data in modeling species with patchy distribution. The current distribution of Picea crassifolia was concentrated in the northern and central parts of the study area, and this pattern will be maintained under future scenarios, although some habitat loss in the central parts and gain in the eastern regions is expected owing to increasing temperatures and precipitation. Our findings can guide protective and restoration strategies for the Qilian Mountains, which would benefit regional ecological balance.

Deferred revascularization in diabetic patient according to combined invasive functional and intravascular imaging data:A case report

BACKGROUND Invasive functional evaluation by fractional flow reserve(FFR)is considered as a gold standard for the evaluation of intermediate coronary stenosis.However,in patients with diabetes due to accelerated progression of atherosclerosis the outcome may be worse even in the presence of negative functional testing.CASE SUMMARY We present a case of 55-year-old male diabetic patient who was admitted for chest pain.Diagnostic coronary angiography disclosed 2 intermediate stenoses of the obtuse marginal branch with no evidence of restenosis on previously implanted stent.Patient undergone invasive functional testing of intermediate lesion with preserved FFR(0.88),low coronary flow reserve(1.2)and very high index of microvascular resistance(84).Due to discrepancy in invasive functional parameters,intravascular imaging with optical coherence tomography showed fibrotic stenoses without signs of thin-sup fibroatheroma.Because of the preserved FFR and no signs of vulnerable plaque,the interventional procedure was deferred and the patient continued with optimal medications.CONCLUSION Combined functional and anatomic imaging of intermediate coronary stenosis in diabetic patients represent comprehensive contemporary decision pathway in the management of the patients.

Efficacy of intraovarian autologous platelet-rich plasma administration in women with low ovarian reserve: A systematic review and meta-analysis

Objective:To conduct a systematic examination and meta-analysis of the most reliable data from experimental studies evaluating the efficacy of autologous platelet-rich plasma(PRP)on low ovarian reserve.Methods:A comprehensive search was performed utilizing pertinent search terms across electronic databases,including PubMed,Cochrane,and Google Scholar.We included studies that assigned infertile women with low ovarian reserve in experimental studies.Ovarian reserve parameters were measured before and after PRP injection into ovaries.The data of each study was retrieved and subsequently compiled.Results:Of 301 articles collected and reviewed,six studies were finally included in the meta-analysis.Following PRP injection,infertile women showed a non-significant increase in anti-Mullerian hormone(AMH)level(MD=0.10;95%CI-0.04,0.23),a significant increase in antral follicular count(AFC)(MD=1.88;95%CI 0.47,3.29),and a non-significant reduction in follicle-stimulating hormone(FSH)level(MD=-0.22;95%CI-8.32,7.87).Conclusions:Autologous PRP may increase AFC,but not AMH.Although it is found beneficial in enhancing ovarian reserve(AFC),further research with strong evidence is still required.

Spatiotemporal variations of ecosystem services and driving factors in the Tianchi Bogda Peak Natural Reserve of Xinjiang,China

Nature reserves play a significant role in providing ecosystem services and are key sites for biodiversity conservation.The Tianchi Bogda Peak Natural Reserve(TBPNR),located in Xinjiang Uygur Autonomous Region,China,is an important ecological barrier area in the temperate arid zone.The evaluation of its important ecosystem services is of great significance to improve the management level and ecological protection efficiency of the reserve.In the present study,we assessed the spatiotemporal variations of four ecosystem services(including net primary productivity(NPP),water yield,soil conservation,and habitat quality)in the TBPNR from 2000 to 2020 based on the environmental and social data using the Integrated Valuation of Ecosystem Services and Trade-offs(InVEST)model.In addition,the coldspot and hotspot areas of ecosystem services were identified by hotspot analysis,and the trade-off and synergistic relationships between ecosystem services were analyzed using factor analysis in a geographic detector.During the study period,NPP and soil conservation values in the reserve increased by 48.20%and 25.56%,respectively;conversely,water yield decreased by 16.56%,and there was no significant change in habitat quality.Spatially,both NPP and habitat quality values were higher in the northern part and lower in the southern part,whereas water yield showed an opposite trend.Correlation analysis revealed that NPP showed a synergistic relationship with habitat quality and soil conservation,and exhibited a trade-off relationship with water yield.Water yield and habitat quality also had a trade-off relationship.NPP and habitat quality were affected by annual average temperature and Normalized Difference Vegetation Index(NDVI),respectively,while water yield and soil conservation were more affected by digital elevation model(DEM).Therefore,attention should be paid to the spatial distribution and dynamics of trade-off and synergistic relationships between ecosystem services in future ecological management.The findings of the present study provide a reference that could facilitate the sustainable utilization of ecosystem services in the typical fragile areas of Northwest China.

Association between people’s attitudes towards human-elephant conflict and their locational,demographic,and socio-economic characteristics in Buxa Tiger Reserve and its adjoining area,India

“Human-elephant conflict(HEC)”,the alarming issue,in present day context has attracted the attention of environmentalists and policy makers.The rising conflict between human beings and wild elephants is common in Buxa Tiger Reserve(BTR)and its adjoining area in West Bengal State,India,making the area volatile.People’s attitudes towards elephant conservation activity are very crucial to get rid of HEC,because people’s proximity with wild elephants’habitat can trigger the occurrence of HEC.The aim of this study is to conduct an in-depth investigation about the association of people’s attitudes towards HEC with their locational,demographic,and socio-economic characteristics in BTR and its adjoining area by using Pearson’s bivariate chi-square test and binary logistic regression analysis.BTR is one of the constituent parts of Eastern Doors Elephant Reserve(EDER).We interviewed 500 respondents to understand their perceptions to HEC and investigated their locational,demographic,and socio-economic characteristics including location of village,gender,age,ethnicity,religion,caste,poverty level,education level,primary occupation,secondary occupation,household type,and source of firewood.The results indicate that respondents who are living in enclave forest villages(EFVs),peripheral forest villages(PFVs),corridor village(CVs),or forest and corridor villages(FCVs),mainly males,at the age of 18–48 years old,engaged with agriculture occupation,and living in kancha and mixed houses,have more likelihood to witness HEC.Besides,respondents who are illiterate or at primary education level are more likely to regard elephant as a main problematic animal around their villages and refuse to participate in elephant conservation activity.For the sake of a sustainable environment for both human beings and wildlife,people’s attitudes towards elephants must be friendly in a more prudent way,so that the two communities can live in harmony.

Interaction between catechol-O-methyltransferase Val/Met polymorphism and cognitive reserve for negative symptoms in schizophrenia

BACKGROUND Cognitive reserve(CR)and the catechol-O-methyltransferase(COMT)Val/Met polymorphism are reportedly linked to negative symptoms in schizophrenia.However,the regulatory effect of the COMT genotype on the relationship between CR and negative symptoms is still unexamined.AIM To investigate whether the relationship between CR and negative symptoms could be regulated by the COMT Val/Met polymorphism.METHODS In a cross-sectional study,54 clinically stable patients with schizophrenia underwent assessments for the COMT genotype,CR,and negative symptoms.CR was estimated using scores in the information and similarities subtests of a short form of the Chinese version of the Wechsler Adult Intelligence Scale.RESULTS COMT Met-carriers exhibited fewer negative symptoms than Val homozygotes.In the total sample,significant negative correlations were found between negative symptoms and information,similarities.Associations between information,similarities and negative symptoms were observed in Val homozygotes only,with information and similarities showing interaction effects with the COMT genotype in relation to negative symptoms(information,β=-0.282,95%CI:-0.552 to-0.011,P=0.042;similarities,β=-0.250,95%CI:-0.495 to-0.004,P=0.046).CONCLUSION This study provides initial evidence that the association between negative symptoms and CR is under the regulation of the COMT genotype in schizophrenia.

Photo-activated microtubule targeting drugs: Advancing therapies for colorectal cancer

Over the years immunotherapy has demonstrably improved the field of cancer treatment.However,achieving long-term survival for colorectal cancer(CRC)patients remains a significant unmet need.Combination immunotherapies incor-porating targeted drugs like MEK or multi-kinase inhibitors have offered some palliative benefit.Nevertheless,substantial gaps remain in the current therapeutic armamentarium for CRC.In recent years,there has been a surge of interest in exploring novel treatment strategies,including the application of light-activated drugs in conjunction with optical devices.This approach holds promise for achie-ving localized and targeted delivery of cytotoxic agents,such as microtubule-targeting drugs,directly to cancerous cells within the colon.

The Exorbitant Privilege of US Treasuries and China's Choices in the New Era

After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.