harnett, i give for joining us. and ian goldberg harnett, thank you for joining us.ow is yesterday, on monday in beijing, the pboc met with 14 major banks, foreign and local, and these are the banks that provide the main tool the pboc uses to manage the yuan on a daily basis. they urged them to avoid herd behavior in the market. what we understand that to mean his often their clients will jump onto a trade and then they will get in on the act too. they are urging them not to do that, to back off from that behavior. the pboc is not a fan of that in the market, particularly with yuan aton -- dangerously weak levels. julie: we were already seeing some strengthening of the yuan today. i guess the question is will that be sustained? what is the feeling in the wake of this? >> the fundamentals really have not changed that much. these are the reasons for why there has been downward pressure on the yuan. the trade war remains live. it is still a very confusing and live factor for many investors. they don't know whether donald trump will move on more terror threats or whether