Thank you, Chair. Thanks to our witnesses for being here today.
Thank you, Jim, for waking up so early in the morning to join us by video conference. My first question is for you, Jim.
First of all, congratulations on being the first province to issue now two bonds in RMB. You were the first to issue the first one and the second one. In fact, you're probably the first government in North America to do that. I don't know of any other government, including in the United States, that's done that yet, so congratulations.
My question is this. With the new establishment of the RMB trading hub, how will that benefit provinces that wish to issue bonds in RMB going forward?
I understand that you have hedged your currency risk. Now, with the ability to go directly from Canadian dollars into RMB and vice versa, I assume the cost of that hedge would be reduced significantly.