jinny: the reelection clearly is one of the factors.robably not the only factor influencing how much pressure the u.s. puts on china. at the current time, we are facing more sort of geopolitical pressures. i think for the u.s., it is not just about how the current situation or sentiment is impacting on markets, but also how the global uncertainties unravel in the year ahead. are more atues heart for china compared to the u.s.. manus: the suppose it issue of disappointment this morning. we will talk more about yuan in a moment. we were almost expecting a movement on interest rates today from the pboc to tie together the idea of a growth rate getting back above 6% for china. do you expect much more action and aggressive action from pboc this year? lucy: we expect it to remain supportive. but not that aggressive, because at the same time, we know that they are trying to improve the quality of the balance sheet of the country. it is difficult to do that if you are pumping liquidity too dramatically. manus: ok. hold those thoughts. lucy macd