Is There a Chance for a Combined Intervention?

China has no inflation problem and actually growth is pretty weak. We don't expect them to tighten their stance because they don't have the inflation problem that we have in other parts of the world. And so once again, the gap between China, which is easing policy and the US, which is tightening policy keeps growing. It's no surprise then that the Chinese Yuan depreciates versus the US dollar. But I think there is a recognition that until the underlying inflation and policy dynamics don't change, the direction of travel here is still going to be for a weaker Chinese Yuan or a weaker yen and a stronger dollar.