Yuan Upside on a Reopening?

If China chooses to reopen, as you say, it's a matter of time. We suspect it will be after the March National People's Congress next year. So if any reopening is going to happen, it's going to be after that. If we get even worse in the macro numbers in the data, then we may be talking about the dollar China actually rising again towards the previous high. That's certainly a key level to watch.