Alice Han

I think about a country like Chile where there's JVs and deals over minerals like lithium and copper.

And maybe China is sitting in Beijing worried about the prospects of its contracts and its deals in those countries.

Is there a risk

Now, after this national security strategy document, as well as this pivot that we're seeing at the very start of this year from the Trump administration, a more muscular, aggressive pivot, is there a risk that a lot of those business deals, contracts, investments are at jeopardy beyond Venezuela?

You know, when I think about China's strategic reserves and stockpiling, we've seen record oil barrels stockpiling.

Is it fair to say that in this environment where there's so much uncertainty in Venezuela, in Russia, in Iran...

And China is a huge consumer of a lot of these fossil fuels that we would see more stockpiling in 2026.

What is the right reaction function that we'll see out of Beijing in response to a lot of this geopolitical uncertainty centered around commodities and energy?

One very, very quick follow-up question about the CNY.

There's been a lot of discussion about Petro-Yuan, that more trade will be denominated in CNY.

What's your feeling and assessment of the future of CNY being used in a lot of this trade invoicing and settlement for petrol and energy commodities?

Great.

Thanks so much.

Thank you both very much.

Okay, let's take one last quick break.

Stay with us.

Welcome back.

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