Thank you, Mr. Chair.
Mr. Macklem, I want to discuss something else entirely, the assessment of risks at the international level. As we know, the U.S. trade deficit is driving demand for Chinese manufactured goods. Those companies tend to reinvest their massive profits in dollars in the U.S. finance, insurance and real estate industries. Currently, we are seeing the joint development of big tech and Chinese finance. Some see that as a potential dislocation. Accelerating that change seem to be the war in Ukraine and the economic sanctions against Russia, which are resulting in the dislocation of finance.
How do you assess that risk in light of the international economy and the financial and monetary system?