Xing Ziqiang: A September rate hike does not mark the start of a new round of tightening.

Xing Ziqiang stated that even if there is a rate hike in September, a 25 basis point increase would be more like a defensive, risk-management-style hike that compromises with market expectations, rather than signaling the start of a new round of significant rate hikes or the beginning of a new round of substantial tightening.