This agreement contributes to the deepening liquidity in the foreign currency market in China.

Clearly the Chinese market is going to overwhelm everything else in Asia. In the last five, six, seven years, we have concentrated entirely on China.

No doubt, in the next 20 to 25 years, Asia is where the growth is coming. They're going to need those risk-transfer markets.

$50,000 is ... the number I think the retail investor can use,

The portfolio [exposure] of $50,000 is quite low, actually,

I think the bond market has a problem. In one respect, you have flight to quality, in another, the jobs report was very, very strong, and clearly inflationary pressures are there.