Take a look at the china [indiscernible] this is a key gauge of sentiment. Retail investors very much an important part of the equity market on the mainland. We did have chinese small caps falling to a threemonth low on wednesday. This index has lost 3 this year. We see those declines continue this thursday. We arecurrency front, seeing the offshore rate hover around the 100day moving average. This is supposed to ease some slow curves. Earlier, we did hear from a former regulator who said the china should open up the yuan before lifting capital. The currency stability has also seen bets on volatility decline, as you can see from this chart here. More. Oes not expect if overall, it is about stability being the name of the game. Rishaad thank you so much for that. Lets get over to the first word news headlines. Paul china intends to further ease [indiscernible] individual tax burden as part of a broader drive to boost consumption. It is easing the structure of valued added tax come inclu