Luo Ping, a director-general at the China Banking Regulatory Commission (CBRC), said Beijing will continue to buy US Treasury bonds even though it knows the dollar will depreciate because such investments remain its "only option" in a perilous world. Speaking at the Global Association of Risk Management's 10th annual risk management convention in New York, Luo said Chinese officials would encourage its banks to finance domestic mergers and acquisitions rather than provide rescue financing to distressed financial companies in other countries: "There will be no bottom-fishing of financial institutions, particularly in the US, because there is a lot of uncertainty about the quality of the books," he said.