Thank you, Mr. Chair.
Thank you, again, Governor and Senior Deputy Governor, for being here.
I have a few questions, so I hope we can get them all in.
I'd like to come back to something that one of the other members raised. I just want to ask you for clarification, Governor. My understanding is that overnight repo operations are normal functions of monetary policy. I want to ask you to confirm whether that's correct. Can you just briefly explain how your international counterparts, like the Fed in the U.S. or the European Central Bank, use this tool of monetary policy?