Really glad to have you on here! Long form better than twitter! A few questions as time allows: What to make of EM not intervening to bring their currencies back in line with China’s? To what extent would a dramatic devaluation undermine China’s expressed goal to establish the Yuan as a reserve & trade alternative? Why is it the Yuan still pegged to USD in the first place given the impact our monetary policy choices inevitably have on THEIR economy? If tariffs globally can offset export competitiveness from

deval, what would deval do to consumers in a country that imports 40% of food, 60% of fuel and the low-margin manufacturers that must still import raw materials? Are financial markets and asset prices really all that matter or matter most in great power competition? Thank you, sir! And welcome to the platform!