That said, homeowners appear to be able to manage these higher payments: we have seen only a little deterioration in mortgage credit quality as yet, and overall delinquency rates remain low. Going forward, I expect aggregate homeowner mortgage payments to continue to rise, especially as adjustable-rate mortgages reach their initial reset dates.
Turning to the current situation in China, the CBGS has built interface with the large-value payment system, while the securities settlement system of the Stock Exchange are under study for how to connect due to many factors. It is important to tackle the coordinated development between the large-value payment system and the securities settlement system.