I appreciate the interview, it is quite informative especially as to why China must continue to control the appreciation of its currency. My initial understanding was to keep inflation low, which fits quite in well with asset bubbles as a result of back flows.

I do have a question. Through the development of offshore centres, for the renminbi, does this not run the risk of creating similar 'back-flow effects', in those economies, particularly Hong Kong, targeting Chinese assets trading in those markets? This, I would presume would have the similar asset bubble effects, fuelling incentives to open up further access to Chinese assets.