China's Property Market Is Going Through a Sharp Action

We are still looking at ta wens from the rugatory tightening, especialry on the inteatack sector in china. There has been insufficient policy easing, until recently, by the chinese rities. And we can see from this insufficient policy creditin powr has been in negative territory. That doesn't mean that chinese liquidity is contracting. It only means that the amount of new liquidity flowing into the chinese system has been less and less.