I'm sure it should be friendly and competitive, but indeed, we welcome the development of RMB trading around the world.
I suppose the one thing that's a bit different from other markets in dealing with China is that symbolism is quite important. The establishment of a clearing bank and the swap line have attracted a great deal of publicity, and they have undoubtedly helped to accelerate the market. But if we were doing this in Britain, we would tend to leave a lot of these things to the market.
I think that in working with China it's very important to recognize that concrete actions, announcements, and decisions all help to create the right sort of atmosphere.