EME Currency Internationalization

Li Wei: We don't think it's related to monetary tightening as such. After the GFC, there's been more of a shift towards capital markets rather than through international banking. And whenever you have bond markets, there are more transactions that are involved. There are many more chains in the intermediation process. What I think is a reasonable hypothesis. So it's more about the changing structure of financial transactions rather than either the current monetary policy cycle or international trade as such.