David, where are you seeing the biggest changes in renminbi usage today as a trade and investment currency?

Yeah, so as Vulcan mentioned, the renminbi is growing from still a very small base, considering China is the largest trading nation and the second largest economy.

So with that background, it's actually growing reasonably fast.

We're seeing the share of renminbi settlement in goods and trade doubled to 31% in 2025 from only 15% in 2021.

I mentioned earlier in terms of if you look at the macro rates, renminbi is very, very attractive in terms of as a funding currency.

So it's been very attractive for bond issuers.

Dim Sum Bond, which is a renminbi denominated bond in Hong Kong, the issuance doubled so far this year compared to the previous year.

Where are the potentials of growth on the role that Hong Kong can play in this area? And what are the opportunities for other finance hubs such as Singapore and London? David, I'll ask you first.