initial trade agreement is not right, the level of currency is being suppressed, and those of the excess reser dollar right w is the product of intervention are undertaking get, we need to be more proactive. >> we are not thinking about it the way we used to. back to this calculus. the other thing is when running massive deficits to generate the high inflationary level, the guest currency in the pickup in yield over the japan. that's not sustainable are optimal over the long-term.t wk to china. how do you think of the chinese cucy our■p research, the chinese currency on any academic model is undervalued, we had an internal devaluation, written down real estate, what happens in 2011-12, china currency in three different equilibrium, o 99% of citizens if they would take the money out, they would. and you have 20% chance of foreign investors who probably believe 20% chance that i not hodo between that and the dollar, one of the currency thinkersf the 20th century, itave a lot of credit, kindleburger was part of that. between is an important pair for the us and cnh. when you go to reserve currency