James Kynge

And currently, a Big Mac in McDonald's in the US costs $6.01, whereas in China, it costs the equivalent of $3.6 US dollars.

So you can see that even according to the Big Mac index of The Economist, the renminbi is severely undervalued.

So, you know, let's see how this goes.

But there really is no more important price in the whole economy than the price of its currency relative to other currencies.

So if the renminbi does start to appreciate, a lot of things will change.

Well, finally, we disagree on something, Alice.

You're not buying this story of renminbi appreciation as much as me, I think.

But that's interesting.

I mean, let's see how it goes.

I fully get your point.

This is the dog.

that didn't bark on so many occasions, on so many occasions in the last 20, 30 years.

I can remember when everybody outside China was getting really excited about the renminbi appreciation, and often it never happened.

And in some cases, the opposite happened, the renminbi depreciated.

So, you know, maybe you're right, but I'm going to stick my neck out this time.

I think it might happen this time.

And I also note that President Emmanuel Macron of France, who was in China just recently, was talking about the threat of potential protectionism in Europe and, you know, things like that.

So maybe it's on China's radar that unless it allows the renminbi to appreciate, it could be storing up quite a bit more pressure from some of its most important export markets.

Absolutely.

And terrific to have you on, Patrick.