 a decline in rates, is Freya Beamish, chief economist, TS Lombard, head of macro research there as well, with brilliant notes on not so much austerity, but the ebbing that's coming. Freya, Bruce Kasman over JP Morgan led his second half note with a disinflation in place. Do you agree, particularly with your expertise in China, that there is a disinflationary tendency in place?