Management’s Discussion and Analysis Institutional Client Services Our Institutional Client Services segment is comprised of: Fixed Income, Currency and Commodities Client Execution.
Includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities.
We generate market-making revenues in these activities in three ways: ‰ In large, highly liquid markets (such as markets for U. S.  Treasury bills or certain mortgage pass-through certificates), we execute a high volume of transactions for our clients for modest spreads and fees.
‰ In less liquid markets (such as mid-cap corporate bonds, growth market currencies or certain non-agency mortgage-backed securities), we execute transactions for our clients for spreads and fees that are generally somewhat larger.
‰ We also structure and execute transactions involving customized or tailor-made products that address our clients’ risk exposures, investment objectives or other complex needs (such as a jet fuel hedge for an airline).
Given the focus on the mortgage market, our mortgage activities are further described below.
Our activities in mortgages include commercial mortgagerelated securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U. S.  government agency-issued collateralized mortgage obligations, other prime, subprime and Alt-A securities and loans), and other asset-backed securities, loans and derivatives.
We buy, hold and sell long and short mortgage positions, primarily for market making for our clients.
Our inventory therefore changes based on client demands and is generally held for short-term periods.
See Notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests, mortgage rescissions and mortgage-related litigation.
Equities.
Includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide, as well as over-the-counter transactions.
Equities also includes our securities services business, which provides financing, securities lending and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds and foundations, and generates revenues primarily in the form of interest rate spreads or fees.
The table below presents the operating results of our Institutional Client Services segment.
## Table 0 ##
1.
In April 2013, we completed the sale of a majority stake in our Americas reinsurance business and no longer consolidate this business.
Net revenues related to the Americas reinsurance business were $317 million for 2013, $1.08 billion for 2012 and $880 million for 2011.
See Note 12 to the consolidated financial statements for further information about this sale.2013 versus 2012.
Net revenues in Institutional Client Services were $15.72 billion for 2013, 13% lower than 2012.
Net revenues in Fixed Income, Currency and Commodities Client Execution were $8.65 billion for 2013, 13% lower than 2012, reflecting significantly lower net revenues in interest rate products compared with a solid 2012, and significantly lower net revenues in mortgages compared with a strong 2012.
The decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012.
In addition, net revenues in currencies were slightly lower, while net revenues in credit products and commodities were essentially unchanged compared with 2012.
In December 2013, we completed the sale of a majority stake in our European insurance business and recognized a gain of $211 million.
2007, respectively.
Gross deferred tax liabilities were $3.7 billion and $4.1 billion at December 31, 2008 and 2007, respectively.
Significant components of deferred tax assets (liabilities) are as follows:
## Table 1 ##
The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards (SFAS) No.109, “Accounting for Income Taxes,” which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of the temporary differences between the book and tax basis of recorded assets and liabilities.
The Company makes estimates and judgments with regard to the calculation of certain income tax assets and liabilities.
SFAS No.109 requires that deferred tax assets be reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized.
Significant weight is given to evidence that can be objectively verified.
The Company evaluates deferred income taxes on a quarterly basis to determine if valuation allowances are required by considering available evidence, including historical and projected taxable income and tax planning strategies that are both prudent and feasible.
As of December 31, 2008, the Company’s U.
S operations had generated two consecutive years of pre-tax losses, which are attributable to the Mobile Devices segment.
During 2007 and 2008, the Home and Networks Mobility and Enterprise Mobility Solution businesses (collectively referred to as the “Broadband Mobility Solutions business”) were profitable in the U. S.  and worldwide.
Because of the 2007 and 2008 losses at Mobile Devices and the near-term forecasts for the Mobile Devices business, the Company believes that the weight of negative historic evidence precludes it from considering any forecasted income from the Mobile Devices business in its analysis of the recoverability of deferred tax assets.
However, based on the sustained profits of the Broadband Mobility Solutions business, the Company believes that the weight of positive historic evidence allows it to include forecasted income from the Broadband Mobility business in its analysis of the recoverability of its deferred tax assets.
The Company also considered in its analysis tax planning strategies that are prudent and can be reasonably implemented.
Based on all available positive and negative evidence, we concluded that a partial valuation allowance should be recorded against the net deferred tax assets of our U.
S operations.
During fiscal 2008, we recorded a valuation allowance of $2.1 billion for foreign tax credits, general business credits, capital losses and state tax carry forwards that are more likely than not to expire.
The Company also recorded valuation allowances of $126 million relating to tax carryforwards and deferred tax assets of non-U.
S.  subsidiaries, including Brazil, China and Spain, that the Company believes are more likely than not to expire or go unused.
At December 31, 2008 and 2007, the Company had valuation allowances of $2.7 billion and $515 million, respectively, against its deferred tax assets, including $297 million and $310 million, respectively, relating to deferred tax assets for non-U.
S.  subsidiaries.
The Company’s valuation allowances for its non-U.
S.  subsidiaries had a net decrease of $13 million during 2008, which is comprised of $139 million decrease primarily related to the utilization of United Kingdom tax carry forwards and changes in the valuation allowance balance due to exchange rate variances, partially offset by a $126 million increase for new valuation allowances.
The U. S.  valuation allowance relates primarily to tax carryforwards, including foreign tax credits, general business credits, tax carryforwards of acquired businesses which have limitations upon their use, state tax carryforwards and future
## Table 2 ##
Assets in Other include primarily cash and cash equivalents, Sigma Fund, deferred income taxes, short-term investments, property, plant and equipment, investments, and the administrative headquarters of the Company.
Geographic area information
## Table 3 ##
(1) Net sales by geographic region are measured by the locale of end customer.13.
Reorganization of Businesses The Company maintains a formal Involuntary Severance Plan (the “Severance Plan”), which permits the Company to offer eligible employees severance benefits based on years of service and employment grade level in the event that employment is involuntarily terminated as a result of a reduction-in-force or restructuring.
The Company recognizes termination benefits based on formulas per the Severance Plan at the point in time that future settlement is probable and can be reasonably estimated based on estimates prepared at the time a restructuring plan is approved by management.
Exit costs consist of future minimum lease payments on vacated facilities and other contractual terminations.
At each reporting date, the Company evaluates its accruals for employee separation and exit costs to ensure the accruals are still appropriate.
In certain circumstances, accruals are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were redeployed due to circumstances not foreseen when the original plans were initiated.
In these cases, the Company reverses accruals through the consolidated statements of operations where the original charges were recorded when it is determined they are no longer needed.2008 Charges During the year ended December 31, 2008, the Company committed to implement various productivity improvement plans aimed at achieving long-term, sustainable profitability by driving efficiencies and reducing operating costs.
All three of the Company’s business segments, as well as corporate functions, are impacted by these plans, with the majority of the impact in the Mobile Devices segment.
The employees affected are located in all regions.
The Company recorded net reorganization of business charges of $334 million, including $86 million of charges in Costs of sales and $248 million of charges under Other charges in the Company’s consolidated statements of operations.
Included in the aggregate $334 million are charges of $324 million for employee separation costs, $66 million for exit costs and $9 million for fixed asset impairment charges, partially offset by $65 million of reversals for accruals no longer needed.

<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions</i></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Fixed Income, Currency and Commodities Client Execution</td><td>$ 8,651</td><td>$ 9,914</td><td>$ 9,018</td></tr><tr><td>Equities client execution<sup>1</sup></td><td>2,594</td><td>3,171</td><td>3,031</td></tr><tr><td>Commissions and fees</td><td>3,103</td><td>3,053</td><td>3,633</td></tr><tr><td>Securities services</td><td>1,373</td><td>1,986</td><td>1,598</td></tr><tr><td>Total Equities</td><td>7,070</td><td>8,210</td><td>8,262</td></tr><tr><td>Total net revenues</td><td>15,721</td><td>18,124</td><td>17,280</td></tr><tr><td>Operating expenses</td><td>11,782</td><td>12,480</td><td>12,837</td></tr><tr><td>Pre-tax earnings</td><td>$ 3,939</td><td>$ 5,644</td><td>$ 4,443</td></tr></table>
<table><tr><td><i>December 31</i></td><td>2008</td><td>2007</td></tr><tr><td>Inventory</td><td>$308</td><td>$162</td></tr><tr><td>Accrued liabilities and allowances</td><td>483</td><td>551</td></tr><tr><td>Employee benefits</td><td>1,053</td><td>408</td></tr><tr><td>Capitalized items</td><td>650</td><td>621</td></tr><tr><td>Tax basis differences on investments</td><td>171</td><td>105</td></tr><tr><td>Depreciation tax basis differences on fixed assets</td><td>37</td><td>33</td></tr><tr><td>Undistributednon-U.S.earnings</td><td>-278</td><td>-397</td></tr><tr><td>Tax carryforwards</td><td>3,001</td><td>2,553</td></tr><tr><td>Available-for-sale securities</td><td>-1</td><td>35</td></tr><tr><td>Business reorganization</td><td>70</td><td>78</td></tr><tr><td>Warranty and customer reserves</td><td>215</td><td>334</td></tr><tr><td>Deferred revenue and costs</td><td>184</td><td>205</td></tr><tr><td>Valuation allowances</td><td>-2,692</td><td>-515</td></tr><tr><td>Deferred charges</td><td>45</td><td>44</td></tr><tr><td>Other</td><td>225</td><td>95</td></tr><tr><td></td><td>$3,471</td><td>$4,312</td></tr></table>
<table><tr><td></td><td colspan="3"><i>Assets</i></td><td colspan="3"><i>Capital Expenditures</i></td><td colspan="3"><i>Depreciation Expense</i></td></tr><tr><td><i>Years Ended December 31</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td></tr><tr><td>Mobile Devices</td><td>$3,559</td><td>$6,325</td><td>$9,316</td><td>$84</td><td>$132</td><td>$164</td><td>$115</td><td>$146</td><td>$133</td></tr><tr><td>Home and Networks Mobility</td><td>7,024</td><td>7,451</td><td>6,746</td><td>147</td><td>160</td><td>149</td><td>135</td><td>141</td><td>165</td></tr><tr><td>Enterprise Mobility Solutions</td><td>6,000</td><td>8,694</td><td>3,268</td><td>166</td><td>113</td><td>190</td><td>158</td><td>167</td><td>92</td></tr><tr><td></td><td>16,583</td><td>22,470</td><td>19,330</td><td>397</td><td>405</td><td>503</td><td>408</td><td>454</td><td>390</td></tr><tr><td>Other and Eliminations</td><td>11,286</td><td>12,342</td><td>19,263</td><td>107</td><td>122</td><td>146</td><td>103</td><td>83</td><td>73</td></tr><tr><td></td><td>$27,869</td><td>$34,812</td><td>$38,593</td><td>$504</td><td>$527</td><td>$649</td><td>$511</td><td>$537</td><td>$463</td></tr></table>
<table><tr><td></td><td colspan="3"><i>Net Sales<sup>-1</sup></i></td><td colspan="3"><i>Assets</i></td><td colspan="3"><i>Property, Plant, and Equipment</i></td></tr><tr><td><i>Years Ended December 31</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td><td> <i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td></tr><tr><td>United States</td><td>$14,708</td><td>$18,548</td><td>$18,776</td><td>$17,938</td><td>$22,385</td><td>$24,212</td><td>$1,240</td><td>$1,252</td><td>$1,089</td></tr><tr><td>China</td><td>2,011</td><td>2,632</td><td>4,664</td><td>3,307</td><td>3,926</td><td>4,649</td><td>294</td><td>311</td><td>278</td></tr><tr><td>Brazil</td><td>1,554</td><td>1,671</td><td>1,269</td><td>1,057</td><td>1,440</td><td>1,219</td><td>110</td><td>109</td><td>107</td></tr><tr><td>United Kingdom</td><td>936</td><td>1,070</td><td>1,306</td><td>1,314</td><td>1,305</td><td>1,773</td><td>85</td><td>121</td><td>134</td></tr><tr><td>Germany</td><td>322</td><td>516</td><td>874</td><td>467</td><td>644</td><td>1,195</td><td>57</td><td>75</td><td>131</td></tr><tr><td>Israel</td><td>696</td><td>741</td><td>659</td><td>1,268</td><td>1,374</td><td>1,195</td><td>141</td><td>165</td><td>156</td></tr><tr><td>Singapore</td><td>116</td><td>128</td><td>176</td><td>1,875</td><td>3,120</td><td>3,713</td><td>32</td><td>40</td><td>39</td></tr><tr><td>Other nations, net of eliminations</td><td>9,803</td><td>11,316</td><td>15,123</td><td>643</td><td>618</td><td>637</td><td>483</td><td>407</td><td>333</td></tr><tr><td></td><td>$30,146</td><td>$36,622</td><td>$42,847</td><td>$27,869</td><td>$34,812</td><td>$38,593</td><td>$2,442</td><td>$2,480</td><td>$2,267</td></tr></table>

Question: In the year with lowest amount of United States, what's the increasing rate of China?
Answer: -0.22398