yvonne: joining us from singapore is vishnu varathan, mizuho bank thing -- bankhead of strategy. in terms of concerns for the pboc, where does it rank when we are talking about inflation? vishnu: i think it falls within the acceptable range, where it leaves the pboc with a lot of policy flexibility and one thing we want to emphasize is from day one, regardless of inflation, the pboc's policies going to be very nuanced. it would be difficult to use a one word tightening to describe policy. you will see liquidity adjusted both ways as necessary, yet inflation is within the comfort range, particularly even the run so thend for pressures, pboc won't be forced to tighten before it wants to. yvonne: we were talking to tom about this, the renminbi weakening from 9% in the past months, prices going up. why isn't that translating in some of these ppi numbers at the moment? reasons -- of the the reason in the producer supply chain for some of these cost increases, particularly for --r channels to be absorbed, we don't see ppi beginning to stir tremendously but one of the concerns, as you w