I will answer the first question and Mr. Macklem will answer the second.
Let's discuss the relationship between our currency and emerging countries' currencies. Last week, China increased its currency's flexibility. That is a good thing because it is absolutely essential to increase the Chinese currency's flexibility in order to adjust demand within the global economy. It is difficult to say in the world of currencies, but what is clear or likely is that in the medium term, the major emerging countries currencies will increase in relation to the American dollar and most likely in relation to the Canadian dollar. This is another reason for which our societies must open up markets within the emerging countries because we will see other revenues, that is the appreciation of their currency in relation to ours.