iain stealey with the j.p.n asset management, a new morning, a new red headline on i suppose the diversions -- divergence and pressure between china and the united states of america. i want to bring it straight back to the bond markets and the rates market, because the data from china is by far better than the rest of developed markets. pboc to, does that move a more neutral position relative to fed, relative to g10? iain: it's a good question. obviously, the virus was much china at the beginning and they shut down very quickly and managed to get their economy back up and going a lot sooner. what we have seen from china over the course of this year is that they have not done the same monetary policy easing with interest rates that have happened across the g10. for that reason, we still have chinese government bond yields up around the 3% level. when you compare that to almost every other major government bond market in the world, that yield looks pretty enticing. i think that would drag investors into it over t