Irene Oh: Yes, great question. I would say that, that isn’t our goal, Jared, to remove our asset sensitivity. What we want to make sure is that when we look at the balance sheet and the loan portfolio, that we are able to evaluate what we think might happen, hedge kind of risks that we see from interest rate perspective, but we still expect to be asset sensitive even with these changes that we’re making.
Jared Shaw: Okay. And then my follow-up, any outlook on the fee income lines and what you’re seeing in terms of potential for growth there among the different lines?
Irene Oh: Yes. Great question. On the fee income, I would say the areas that or €“ if you break that down as far as things that are within our control, things that have to do with investments that we’ve made, growth that we see with our customers, that’s going great. Market, kind of driven factors, things that maybe we don’t have a control over, I think that’s going to continue to be challenging, especially if you look at it from the perspective of mark-to-market on the derivatives and then also effects and that balances around. But aside from that, we expect that from a core customer perspective and a growth perspective, we’ll still see those increases.
Operator: The next question is a follow-up from Ebrahim Poonawala with Bank of America. Please go ahead.
Ebrahim Poonawala: Hi, thank you. I guess just wanted to follow up on China in terms of, one, given the reopening that’s underway in China, does that create maybe stronger growth opportunities as we think about this year? And how are you thinking about allocating more capital to that business. And I appreciate a lot of the business is, kind of cross-border and this cross-border connectivity, but would love to hear if there are increased growth opportunities emerging in China? And also Dominic, I would love to hear your views, I mean, as is now the Chair of APAC, like how do you see that relationship evolving and creating more opportunity for the bank given its strategic positioning? Thank you.
Dominic Ng: In terms of the opening of China, it’s not just like a, sort of like a post pandemic opening that the ability to travel in and out of China and so to help the foreign investments to do at least about the €“ not having the restriction to do quarantine and so forth. That’s actually a big factor because many of our management team have not been back to China for the last two, three years. And so, I think that, likewise, the same thing for many of the business who around the world who are doing business in China, and they were restricted by that. And then with this opening up, I think that’s a huge factor that helps substantially, that’s one. The second part is really the Chinese government new policy towards business.
Obviously, the last two or three years, the business sectors, we are having some hard time whether you are in social media, high-tech, video gaming, entertainment, real estate, education, you name it, every one of these sectors were hammered because of a much more challenging policy or regulation that came up that hinder their ability to grow. Now, just for the last few weeks, things turn in a completely different direction. Government are providing support to the real estate sectors. They’re also really getting much more business friendly to these other industries, et cetera. And so with that, we also see that foreign investments are getting their license approved and getting their €“ let’s say, additional investment to get majority shares also sign-off and so forth.
