I think PBoC will continue to intervene and reckon that renminbi depreciation will be gradual this year. The challenge in China is of course the policy adjustments that being implemented right now, i.e. : further capital account liberalization, financial market development, as well as greater exchange rate flexibility. This leads to the third China factor that we must not forget.
China is aggressively pursuing its outward investment to support economic growth, embedded into its ambitious silk road strategy. So we have to prepare and open our arms for greater investments from China, as we have done to Japan and South Korea. These are what we see from the global economic and financial condition.