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Forex multi-account manager Z-X-N
Accepts global forex account operation, investment, and trading
Assists family office investment and autonomous management

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In the two-way trading field of forex investment, the essence of a trader's profitability does not rely on a complete theoretical system or a precise scientific model, but rather on a practical art that requires long-term hands-on experience and operational accumulation.

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This characteristic determines that the core competency of forex trading is not theoretical knowledge confined to books, but rather the "feel" and "intuition" gradually formed in actual trading processes to solve various specific problems. This ability is highly practical and individualized, and can only be cultivated through the trader's personal participation in every process of opening, closing, and risk control. Any theoretical research divorced from practical operation cannot truly replace this core competency precipitated from practice.
From a broader perspective of traditional social life, the act of "making money" itself has a distinct practical attribute, rather than being a test of theoretical knowledge. In reality, those who truly possess profitability often don't need to master complex theoretical systems, much less delve into the underlying principles and logic. Some who successfully accumulate wealth even have limited formal education, yet they still achieve their goals through experience and methods gleaned from practice. Essentially, making money is an art of continuously solving problems through practice. Many people with strong theoretical foundations in academia, passionate about studying various fields of knowledge, often struggle to achieve their desired results in actual profit-making operations due to a lack of practical experience. Conversely, many who achieve substantial profits, when asked to systematically explain the underlying theoretical logic, often cannot articulate it clearly, and may not even have explored the principles behind their actions. However, this doesn't prevent them from making correct decisions in practice. The key to their decisions lies in the experience and judgment gained through long-term practice. This confirms the core logic that "practice is the sole criterion for testing truth." In profit-related activities, the value of practice far surpasses that of mere theoretical research.
This principle is also fully reflected in the two-way trading scenario of forex investment. Those traders who consistently achieve success in the market, when attempting to share their trading theories or experiences, often express themselves with less systematicity and logic than forex analysts who haven't achieved consistent profitability, or instructors whose primary business is selling courses. The core reason for this phenomenon isn't that successful traders intentionally withhold key information or are unwilling to share their experience, but rather that truly effective profit-making techniques in forex trading largely belong to the realm of "intuition," difficult to precisely convey in words. Just like in traditional profit-making scenarios, these successful traders themselves may not be able to clearly articulate the theoretical system and logical principles behind their operations. Their decisions rely more on the "feel" and "intuition" developed through practice. They can make correct judgments in actual operations, but struggle to transform this practice-derived ability into systematic theoretical knowledge for transmission. This "more felt than explained" characteristic further highlights the irreplaceable role of practice in the process of profiting in two-way forex trading, and once again proves that the essence of making money in forex trading is a practical art.

In the two-way trading field of forex investment, many traders fail to achieve their desired trading results, not because they lack the potential for success, but because they have not yet found the right path and opportunity to activate their potential latent trading talents.

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The complexity and volatility of the forex market require traders to possess not only basic theoretical knowledge and operational skills, but also a certain innate talent, such as a keen perception of market trends, rational judgment in the face of risk, and decisiveness in seizing opportunities amidst volatility. These talents are often not innate but need to be gradually awakened in specific practices and environments.
From the general laws of traditional social life, human talent is profoundly influenced by genetic inheritance to a large extent. Long before an individual is born, even in the instant before the embryo is formed and the sperm and egg unite to create life, countless genes, during their recombination process, form unique codes that foreshadow the types of talents and developmental potential an individual may possess in the future. However, these talents hidden within genes often do not manifest their value naturally; instead, they may remain dormant throughout a long life, unnoticed by the individual and difficult to utilize in real life. They may even become an unspeakable regret and psychological burden because the individual cannot find an outlet for their talents. In fact, whether a talent can be effectively stimulated, and whether it can truly find its place after stimulation, often depends on encountering the "right time" and the "suitable environment"—the former may be a key opportunity in an individual's life, while the latter may include the combined effects of multiple factors such as social background, available resources, and the industry one encounters.
Like a rural child who has lived their entire life in a remote mountainous area, genetically speaking, they could potentially possess world-class talent in forex trading, such as a sensitivity to numbers, an intuition for market patterns, and a precise ability to control risk. However, the limitations of their circumstances mean that this talent has no chance to be discovered or activated: they may lack even basic necessities like RMB, let alone access to forex, a financial product completely unfamiliar to them in a mountainous setting; they may have never seen the hardware used for forex trading, such as laptops, and are completely ignorant of computer programming, quantitative trading, and other technologies closely related to modern financial transactions; as for the "software" aspects of forex trading—professional knowledge (such as the principles of exchange rate fluctuations and the characteristics of trading instruments), industry common sense (such as market regulatory rules and trading platform operation), core skills (such as position management, stop-loss and take-profit settings), and trading psychology (such as emotional control and mindset adjustment)—they are completely blank. In such an environment, even if top-tier trading talent exists, it can only remain buried in the long term, unable to be transformed into actual ability and value.
Therefore, for traders with the opportunity to engage in two-way forex trading, proactive experimentation and in-depth exploration are crucial. Only by truly entering this market and accumulating experience through actual trading operations can one discover whether they possess latent trading talent. This talent might manifest as the ability to quickly capture relevant information in complex market environments, maintain a rational decision-making mindset when facing profits and losses, or flexibly adjust and optimize trading strategies. Once such talent is confirmed and continuously refined and cultivated through practice, traders can not only achieve a comfortable life but, if they can seize key opportunities in the market and develop a unique trading system, even have the opportunity to make a name for themselves in the forex trading field and become industry leaders. However, all of this hinges on the trader's willingness to take the first step of "experimenting" and invest sufficient time and energy to continuously cultivate and unleash the potential behind their talent, allowing it to truly flourish and generate value in the practice of forex trading.

In the two-way trading system of forex investment, the choice of currency pairs is often closely related to market characteristics, broker operating strategies, and investor needs. The fact that the Brazilian Real/Japanese Yen (BRL/JPY) currency pair is scarce in the trading lists of most forex brokers is not accidental.

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From the perspective of currency attributes, BRL/JPY is a typical niche product combining emerging market currencies and developed economy currencies. The core reason for its lack of widespread coverage needs to be deeply analyzed from multiple dimensions, including the liquidity nature of forex trading, risk control logic, market demand structure, operating cost accounting, and regulatory compliance requirements, to fully reveal the business considerations and market rules behind brokers' selection of pairs.
From the perspective of liquidity, liquidity is the lifeline of forex trading, directly determining transaction execution efficiency and investor costs. BRL/JPY has a significant weakness in this key indicator. Compared to mainstream currency pairs like EUR/USD and USD/JPY, which have daily trading volumes exceeding hundreds of billions of dollars, the BRL/JPY market has long maintained low trading activity. While the Brazilian Real, as an emerging market currency, has a certain trading base due to Brazil's status as a major commodity exporter, its trading group is mainly concentrated among investors focused on Latin American markets or commodity-related currencies. Meanwhile, the Japanese Yen, as one of the world's major safe-haven currencies, sees trading demand primarily concentrated in combinations with other developed economy currencies such as the US dollar and the euro. The resulting cross-currency pair (BRL/JPY) naturally narrows the target trading group, leading to limited market participation. This low liquidity directly causes two major problems: first, the bid-ask spread (spread) is passively widened. For example, while mainstream currency pairs typically maintain spreads of 1-3 pips, BRL/JPY spreads can reach over 10 pips, significantly increasing investors' trading costs; second, slippage occurs frequently, especially during periods of high market volatility, making it difficult to execute investors' pre-set trading prices, resulting in discrepancies between the actual and expected prices, thus affecting the effectiveness of trading strategies. For brokers, low liquidity means that buy and sell orders are difficult to match quickly, which not only reduces the efficiency of trade execution but may also lead to order backlogs and the inability to close positions in a timely manner, creating potential trading risk exposure. Therefore, from the perspective of ensuring trading stability and their own risk control, most brokers are unwilling to include BRL/JPY in their regular trading instruments.
At the risk control level, the dual currency attributes of BRL/JPY expose it to the combined risks of "emerging market volatility + policy adjustments in developed economies," placing enormous pressure on brokers' risk control systems. On the one hand, as an emerging market currency, the Brazilian Real is highly sensitive to changes in the domestic political and economic environment. Brazil has historically suffered from high inflation. Although it has achieved a certain degree of economic stability in recent years through policies such as adjusting the benchmark interest rate (Selic rate) and optimizing the fiscal revenue and expenditure structure, issues such as inflation fluctuations, government debt levels, and political changes still frequently cause sharp fluctuations in the Real exchange rate. At the same time, the Brazilian economy is highly dependent on the export of commodities such as iron ore and soybeans. Every fluctuation in international commodity prices is directly transmitted to the Real exchange rate through trade channels, further exacerbating its instability. On the other hand, although the Japanese yen is a currency of a developed economy, its exchange rate is significantly influenced by Japan's monetary policy. For example, the Bank of Japan's negative interest rate policy, adjustments to quantitative easing measures, and changes in Japan's trade balance can all trigger large fluctuations in the yen's exchange rate. When two highly volatile currencies form a currency pair, the price movement of BRL/JPY exhibits even greater uncertainty. Brokers offering this pair need to invest heavily in establishing more complex risk management mechanisms, including real-time monitoring of economic data from both countries, dynamic adjustment of risk reserves, and optimization of hedging strategies. Even so, it is difficult to completely avoid the risk of large losses. Therefore, for core risk control considerations, most brokers will proactively avoid this currency pair.
From the perspective of market demand structure, the core operational goal of forex brokers is to serve the majority of investors and achieve stable returns. This goal dictates that their selection of instruments will inevitably lean towards mainstream currency pairs with high demand. The niche nature of BRL/JPY makes it difficult to meet the positioning needs of most platforms. In the foreign exchange market, investors can be divided into two categories: The first is the vast majority of ordinary investors, including individual traders and small to medium-sized institutions. This group tends to choose mainstream currency pairs with relatively stable price movements, abundant technical analysis tools, and transparent market information, such as EUR/USD and USD/JPY. These pairs not only facilitate trading strategy development but also reduce the risk of single price fluctuations through broad market participation. The second category consists of a small number of professional investors or institutions. This group focuses on emerging market currencies, seeking high-risk, high-return investment opportunities. BRL/JPY is only attractive to this niche group, but the overall demand is extremely small, making it impossible to achieve a large-scale trading effect. From the perspective of brokers' market positioning, whether it's Rakuten Securities, which focuses on the Japanese domestic market, or platforms like Gain Capital and FXCM, which target global mass investors, their core clientele is ordinary investors. Therefore, they prioritize listing mainstream currency pairs that match their client needs. BRL/JPY, because it doesn't align with the client positioning of most platforms, naturally struggles to gain listing opportunities.
In terms of operational cost accounting, brokers incur costs for launching a currency pair, including technology development, clearing and settlement integration, risk hedging, and data maintenance. The unique characteristics of BRL/JPY result in significantly higher operational costs compared to mainstream currency pairs, creating an imbalance of "high investment, low returns," which further reduces brokers' incentive to launch such pairs. Specifically, firstly, from a technical perspective, brokers need to build a dedicated pricing system for BRL/JPY to ensure real-time access to exchange rate data from the Brazilian and Japanese markets and connect to the clearing channels in both countries to guarantee smooth transaction settlement. This process involves significant costs in technology development and system debugging. Secondly, regarding risk hedging, due to the low liquidity of BRL/JPY, brokers find it difficult to quickly hedge risk exposure through market transactions. They need to establish dedicated hedging mechanisms, such as signing special agreements with liquidity providers or setting aside more risk reserves, which undoubtedly increases capital costs. Finally, in terms of data maintenance, BRL/JPY price fluctuations are highly correlated with economic data from Brazil and Japan. Brokers need dedicated teams to monitor Brazil's Selic interest rate decisions, commodity export data, and inflation reports in real time, as well as Japan's central bank monetary policy meetings, import and export trade data, GDP growth rates, and other indicators. They need to update risk assessment models based on this data, and the human resource costs and data acquisition costs of such professional teams are relatively high. In contrast, the revenue generated by BRL/JPY is extremely limited. Due to its small trading volume, the commissions and spreads generated are far from covering the costs of technology development and human resource maintenance. From a business profitability perspective, brokers naturally lack the economic incentive to list this currency pair.
Finally, from a regulatory compliance perspective, there are significant differences in the regulatory policies for forex trading across different countries and regions. The high-risk nature of BRL/JPY means it may face stricter regulatory requirements, increasing the compliance costs and operational complexity for brokers, becoming a significant implicit factor restricting its listing. In the global forex regulatory system, most regulatory agencies (such as the US NFA, UK FCA, and Australian ASIC) formulate differentiated regulatory policies based on the risk level of currency pairs. For high-risk niche currency pairs like BRL/JPY, some regulatory agencies impose additional restrictions, such as requiring brokers to increase trading margin ratios (from 1%-5% for mainstream currency pairs to over 10%), disclose more detailed risk disclosure documents to investors, and submit regular risk assessment reports. These requirements not only increase the compliance costs for brokers but may also lead to reduced operational efficiency due to the complexity of the compliance process. To mitigate compliance risks and simplify operational processes, brokers proactively select mainstream currency pairs with high regulatory approval and low compliance costs. However, the potential for stricter regulatory scrutiny of BRL/JPY further reduces brokers' willingness to include it in their trading instruments.

The underlying reasons why Hong Kong forex brokers and banks do not offer carry trades on currency pairs such as TRY/JPY.

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In the two-way trading system of foreign exchange investment, Hong Kong forex brokers and banks generally do not include currency pairs such as TRY/JPY (Turkish Lira against Japanese Yen), ZAR/JPY (South African Rand against Japanese Yen), and MXN/JPY (Mexican Peso against Japanese Yen) in their carry trade product categories. The core driving factors behind this are not singular or accidental, but rather stem from a combination of constraints, including the inherently high risk of these currencies, Hong Kong's strict financial regulatory requirements, and the need for financial institutions to balance operating costs and profits. Furthermore, there are clear correlations and transmission mechanisms among these factors.
From the perspective of the risk characteristics of these currency pairs, the risk exposure of such products is completely inconsistent with the prudent operating logic of Hong Kong financial institutions. The Turkish Lira, South African Rand, and Mexican Peso are all typical emerging market currencies. Their issuing countries generally share the common problem of weak economic fundamentals, facing not only long-term high inflationary pressures and external shocks from geopolitical instability, but also frequent and significant exchange rate fluctuations due to frequent changes in domestic policies. Take Turkey as an example. Its long-term implementation of loose monetary policy to cope with economic recession has directly led to several sharp depreciations of the lira. South Africa, plagued by a persistent power crisis and high unemployment, has seen the rand fluctuate widely, struggling to establish a stable price trend. The core logic of carry trades is to earn stable interest rate differentials by holding high-yield currencies for the long term. However, the drastic fluctuations in these emerging market currencies can easily wipe out these interest rate gains in a short period, and may even cause investors and their financial institutions to suffer huge exposure losses. This is why leading financial institutions like HSBC in Hong Kong consistently focus their foreign exchange trading on a combination of 25 mainstream currencies with relatively stable exchange rates, such as the euro and the US dollar; highly volatile currency pairs are naturally excluded from their business considerations. Meanwhile, the interest rate differential between these currency pairs and the Japanese yen carries a strong risk of reversal. As a traditionally low-interest currency, the yen's interest rates have remained low for a long time. However, countries like Turkey and South Africa may suddenly adjust their benchmark interest rates to stabilize exchange rate fluctuations or curb hyperinflation. If the interest rate differential narrows or even inverts, the large-scale carry trade positions previously held in the market will trigger a chain reaction of concentrated liquidation. This risk will not only directly cause substantial losses for investors but will also be transmitted to brokers and banks, leading to liquidity pressure at the institutional level. In past market panics, there have been instances of investors massively selling high-interest currencies such as the lira and rand to exchange for yen, directly causing a sharp drop in the exchange rates of these currencies. Financial institutions also incurred significant execution losses due to extreme price fluctuations when processing related liquidation orders, further highlighting the inherent risks of these currency pairs.
The stringent regulatory rules and compliance costs in Hong Kong also restrict the implementation of such currency carry trades from an institutional perspective. The Hong Kong Securities and Futures Commission (SFC) implements strict full-process supervision of the foreign exchange market. Its over-the-counter derivatives regulatory framework, including mandatory settlement and transaction reporting rules, generally favors trading in major currencies such as the US dollar, euro, and Hong Kong dollar. Currencies like TRY, ZAR, and MXN are not included in the core regulatory focus on "specified currencies." This means that financial institutions wishing to offer carry trades on these currency pairs need to build dedicated compliance systems for key areas such as transaction reporting and risk hedging to meet specific regulatory requirements, significantly increasing their compliance investment. Furthermore, Hong Kong explicitly limits leverage in foreign exchange trading to 20 times. Carry trades typically rely on leverage to amplify interest rate differentials. Under existing leverage restrictions, the profit margins for institutions promoting such high-risk currency carry trades are significantly compressed, and compliance disputes arising from client trading losses are highly likely, further reducing the viability of the business. In addition, SFC's regulatory rules are always investor-protection oriented, with a particular focus on safeguarding the rights of ordinary investors. Carry trades inherently require a high level of professional judgment from participants, and the risks of carry trades on niche currency pairs like TRY/JPY far exceed those of similar transactions on mainstream currency pairs such as the Euro and British Pound. Therefore, to avoid significant losses incurred by clients due to blind participation in such high-risk transactions, which could lead to complaints or regulatory accountability, Hong Kong financial institutions typically proactively restrict the supply of such trading instruments to achieve compliance-level risk isolation.
From the perspective of financial institutions' market-oriented operations, the mismatch between market demand and operating costs for these currency pairs also determines that they are unlikely to become regular trading instruments for institutions. Mainstream trading in the Hong Kong forex market has always focused on popular currency pairs such as EUR/USD, USD/JPY, and USD/CNH. The actual trading demand for instruments like TRY/JPY is extremely small. Looking at the trading instrument portfolios of mainstream Hong Kong brokers such as Futu Securities, their business covers mainstream currency combinations with high market recognition and does not include the aforementioned niche currency pairs. The low trading activity of niche currency pairs directly leads to insufficient market liquidity. Financial institutions, when providing buy and sell quotes, are forced to allocate larger spreads to cover potential risks. These higher spread costs further discourage client participation, creating a vicious cycle of "low demand - poor liquidity - high spreads - even lower demand," ultimately making it difficult for institutions to profit from this type of business. Meanwhile, when brokers and banks conduct forex trading, they rely on liquidity providers to hedge their risks. While mainstream currency pairs allow for easy finding of counterparties for hedging, liquidity providers for TRY, ZAR, and MXN are extremely scarce. This not only results in high hedging costs but also the risk of exposure due to the inability to hedge in a timely manner. Furthermore, the associated costs of building dedicated trading systems, maintaining real-time exchange rate data, and assembling specialized analysis teams for these niche currency pairs continuously increase institutional operating costs. The returns from this type of business are incomparable to those from mainstream currency pair trading; from a cost-benefit perspective, engaging in this type of business is simply not feasible.

The real reason why Japanese forex brokers and banks offer carry trades for currency pairs like TRY/JPY, ZAR/JPY, and MXN/JPY in two-way forex trading.

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The reason why carry trade quotes for TRY/JPY, ZAR/JPY, and MXN/JPY are consistently displayed at counters and on screens in Tokyo is not because these currency pairs are less risky, but because the Japanese market has turned the national endowment of "low-interest yen" into a sustainable business model: the yen is naturally seen as a financing option by global investors, and there is a stable and huge demand for high-interest rates in Japan. Therefore, banks and brokers can obtain continuous revenue from the interest rate differential market by embedding the three processes of financing, hedging, and distribution into the existing yen ecosystem, without having to create separate systems to handle additional risks like institutions in other regions.
Let's first turn our attention back to the yen itself. Since the overnight lending rate fell below 1% in 1995, the Japanese yen has consistently played the role of an "international low-cost funding pool." Zero or even negative interest rates have rendered the yen's financing costs negligible. Meanwhile, Turkey, South Africa, and Mexico, in order to combat inflation or stabilize their capital accounts, have maintained policy interest rates in double or near double digits for many years. As a result, interest rate differentials of 800-1500 basis points between TRY, ZAR, MXN, and the yen have become the norm. For Japanese financial institutions, simply "transferring" low-cost funds from the yen lending window to higher-interest currencies through spot or forward swaps automatically generates interest rate differential inventory in the background. Cross-currency pairs like TRY/JPY represent the shortest "transfer" path, eliminating the need for dollar intermediaries and saving on spreads and margin requirements, making them naturally suitable for the yen's liquidity pipeline.
On the demand side, sufficient trading density was provided. At the individual level, retail investors, exemplified by "Mrs. Watanabe," began using foreign currency margin accounts as an alternative to time deposits around 2000. When domestic demand deposit interest rates approached zero, any overnight interest rate above 5% could trigger an impulse to open an account. GMOClick, Japan's largest retail forex platform, disclosed in its 2024 financial report that the combined nominal trading volume of TRY/JPY and ZAR/JPY accounted for 11% of its retail business, far exceeding the industry average of 2%, indicating that high-yield currency pairs are not a "niche" market among retail investors, but rather a "necessity." At the institutional level, the Japanese Government Pension Fund (GPIF) and the seven major life insurance companies have proactively lowered their foreign exchange hedging ratios in recent years, reducing their foreign currency bond exchange rate exposure from 70% to below 45%, releasing approximately 25 trillion yen in unhedged positions annually. These funds need to enhance interest rates in the forex market through forward or cross-currency contracts, and the TRY/JPY and ZAR/JPY pairs offered by brokers provide a convenient channel for "selling yen and buying higher-yield" currencies. This reverse flow is sufficient for market makers to maintain two-sided pricing.
From a technical and operational perspective, the Japanese market has standardized yen liquidity. The Tokyo wholesale foreign exchange market has a daily turnover of $400 billion, second only to London and New York. Direct forwards, swaps, and repurchase agreements between the yen and all G20 currencies can be matched in real-time (T+0). Therefore, banks and brokers can easily net their TRY, ZAR, and MXN NDFs or offshore forwards with yen liquidity pools in the back office, without needing to hold large emerging market spot positions locally. Hedging costs are compressed to within 10 basis points. In contrast, institutions in Hong Kong or Singapore must first convert to US dollars before entering the emerging market to offer the same products, adding an extra link to the hedging chain and immediately doubling the cost. Major Japanese banks have also deployed 24-hour market-closing engines in Tokyo, London, and Johannesburg. Gaps in the lira or rand can be mitigated by the London branch before the Turkish or South African markets open, while yen liquidity pools are automatically replenished through overnight lending. This reduces risk exposure time to less than two hours, significantly increasing operational flexibility compared to other time zones.
Regulatory logic also allows loopholes in this model. The Japanese Financial Services Agency (FSA) sets a 25-fold limit on retail forex leverage but no limit on professional clients. It also allows brokers to net their clients' long positions and NDF positions with banks, effectively transferring the credit risk of high-risk currency pairs to the banking system. Banks can then use the yen's extremely low financing costs to offset trades in the wholesale market at any time, resulting in overall systemic risk being infinitely diluted by yen liquidity. The FSA does not levy additional capital fees on "non-major currencies," requiring brokers to submit quarterly reports on net capital ratios and risk exposure. Compliance costs are roughly the same as for major currency pairs, naturally encouraging institutions to keep high-interest instruments on their menus.
A deeper driving force stems from macro-strategy. Japan has maintained its status as a net creditor nation for 33 consecutive years, with its net foreign assets exceeding $3 trillion. Nearly 40% of its income comes from interest on foreign currency assets, making carry trade a crucial channel for the country to acquire international income. Banks and brokers continuously sell yen and buy high-interest currencies through both retail and institutional channels, earning commissions and spreads. At the micro level, they also channel yen liquidity into the global high-interest market, forming a cycle of "lending abroad—interest repatriation—re-lending." TRY/JPY, ZAR/JPY, and MXN/JPY are merely the most direct and tradable retail slices of this cycle. As long as the cost of yen financing remains the lowest globally, Japanese financial institutions have the incentive to package any high-interest currency into "yen pairs" and list them on the terminal, allowing domestic savings to continuously flow overseas through the interest rate differential market. The row of high-interest quotes on trading platforms is a natural projection of this national strategy onto everyday investment interfaces.

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13711580480@139.com

+86 137 1158 0480

+86 137 1158 0480

+86 137 1158 0480

z.x.n@139.com

Mr. Z-X-N

China · Guangzhou

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