we're talking to laurence mutkin who is still with us. from the month by month movement in the pmi figures which we have charts to show the audience, the broader picture is on the domestic front, they are counting down on the environment and financial leverage, but the global growth story is keeping them afloat. it's a good time for them to do this, i guess. think that's right. you can see it in the domestic bond market. domestic bond yields have been rising since the governor of the pboc started sounding more optimistic on growth back in october. and the data shows his optimism was well-founded. you would expect the bond market to deepen a bit. there has been some concern expressed that the credit spreads within the bond market have wide out a bit. or convincedegist its that more than a signal of anything else. manus: we talked about this often. is that restriction in the our story this morning from china, global use falls to a three-year low and the curbs on one side that anna is that whatout, causes the rig -- the restriction? why woul