i'm taylor riggs, recapping a big day and a big week. we start with weekly moves on the two-year yield. at one point, the biggest weekly drop in yields since march 2020, some of that reverses a little bit but you are still having one of the biggest weekly drop we have seen on the two-year yield all the --what to soak in is the s&p and the nasdaq, the dollar strength as the swiss safe haven today, inflation and some of those geopolitical

events continues to create risk as very here in the u.s. market. wti crude leads me to the next chart -- take a look at this. who biggest gain for crude ever on the week. that's the market wrap. what'd you miss? starts now. ♪ caroline: i'm caroline hyde, entities trouble take full -- focuses on geopolitics. not just russia, but its allies -- is china still one? the country kicking off its national peace hills -- national people's conference, and looking to china as it looks to hit those growth goals. you train -- ukraine is a key

trading partner, but in -- on the rise of what happened with putin and russia. romaine: you have to think about the response for countries around the world. right now, it has been to economically isolate russia. breaking news earlier today, the biden administration is considering off cutting of oil from russia. no decision has been made just yet here, but members of congress have been vocal about this. whether we get the pivot from the biden administration remains to be seen. we should admit to, the oil and gas products is small of what we export. that brings us to the big take,

as you start to isolate russia economically, it raises the question about putin's allies and the one he had prior to this work was xi jinping in china. taylor: our bloomberg senior economics reporter, shawn donnan. walk us through the economic relationship between russia and china, and how china pivots at all given this water version in ukraine. shawn: we saw vladimir putin go to the opening ceremony of the whimper olympics, -- winter olympics, we saw xi jinping embrace putin, and now it is just a few weeks on. that may have been a real strategic under for china.

especially given what was said by our friends in washington. caroline: does it actually fast-forward a relationship unwinding we have seen between when trump was in power and -- we show that shredding a relationships do to china and the u.s., but xi jinping's isolation, how much do want to make sure he does not get blocked off to dollar dominance or has a buffer to dollar dominance? shawn: the most important economic relationship in the world today still the relationship between the u.s. and china, and that will color anything china does in relation when it is dealing with russia and its relationship there. it really has to think about the possibility of being caught off from the u.s., from the rest of the global economy. it would look at these measures

that the u.s., ukraine how you today -- u.k. have taken against russia, and say ok, that is concerning. maybe we should be speeding up our alternatives to that. china has been at this for a long time and it has not under a -- not gotten very far. the u.s. dollar is by far still the primary global reserve currency. that's not going to change and you know soon. just because have -- of how intertwined it is with the rest of the global economy, it is its own economy. romaine: the idea that the economy could be split up into more regional blocks with china anchoring one in the east, is that not of the cards, not

economically speaking, which i am. shawn: oh, it's definitely in the cards. there are a lot of people who believe that the rhetoric is accelerating. at the same time, what we are seeing as we go over is that china does not have all the cards here. china was in a fairly strong position a few years ago, simply because it was growing in have the sheriff -- global gdp. we have learned this week that america still has a lot of power, because it controlled the financial architecture in the world, and can turn the switch off fairly quickly. romaine: shawn donnan, about some of the options xi jinping has to consider moving forward. we want to continue that conversation with mary lovely, a senior fellow at the peterson

institute for economics. -- affect trade flows. mary, i want to start off of the practical question here. can china isolate itself into a block, or does it have to maintain that broader connection, that brought her knitting with europe and the u.s. and the rest of the developed world? mary: listening to sean, i agree with his view that china may be a little bit over it -- here. it is still dependent on the west for technology, for markets, and in that sense is not ready to decouple were looking to decouple. taylor: how does china continue

to respond, given that arguably, the u.s. and russia have never been further apart? mary: xi jinping has a very narrow political path here. he has gone all in with vladimir putin. it is being pumped full of propaganda for marti, the russian sources. on the other hand, he has to draw this economically away from russia. one thing you might consider, whether china will play the spoiler role in terms of the u.s. and allies sanctions. i think the answer will be clearly no, while some trade will continue, the possible lack lash -- backlash or downside for china is just too hard caroline: talk about the downside of china's rate truth -- trade routes. you have done a lot of research and foreign direct

investment. mary: this will be a problem for them. russia will be cut off from international markets and be able to move some of that to china, but in terms of other products, china will have some ability to sell to russia and russia, is going to somehow find a way to get those products. it is a big seller in china of computers, office equipment, just like to russia, like they are to the u.s.. but many of these consider sanctioned products or products that contain u.s. sanctioned content. they will have to not sell. romaine: what insights do you have right now about how strong the chinese economy is?

xi jinping is vying for an unprecedented run as leader of the nation, coming up later this year. it seemed like the consensus was, there is no opposition to this, at least not publicly. but we are hearing a lot of questions about the stability of the economy, the progress on the covid prices over there. where do we stand? mary: stability, stability, stability. that's all we have heard going into this year. it is complicated by the economy slowing down, and how do they stimulate the economy. whether or not xi jinping is in power the end of the year remains to be seen, but there is still a lot of pushing and shoving. it is important for xi to guide this politically and economically well this year. some of the key factors he has

been talking about that are slowing down the economy include ham-handed regulation of the tech companies, the need to deal ever and the property market. if they fall into bankruptcies and declining super sentiment -- consumer sentiment, minus -- they are raising debt for local governments and also turning to the same traditional carbon heavy polluting industries, like cement and other forms of construction they have been trying to get away from. who they will do what they just do with ages you this year to you gr -- to get growth to air it needs to be.

caroline: coming up, it's china's national people's congress, opening on saturday in beijing. we discussed the economic challenges facing the country and what to expect from the gathering. our next guest, leland miller is with us, ceo of china beige book international. this is bloomberg. ♪

romaine: today's triple take focusing in on the current geopolitical crisis, which comes as china's elites are gathering in beijing for the national people's congress. that meeting will lay out the policy to address some of china's biggest challenges >> we are not hoping for any major

surprises. >> it's a very political year. we think there will be focused on keeping the stability. >> unfortunately, we are still hearing revelations that are surrounding the internet and e-commerce, the more important upside risk for china is that you will see further rate cuts. >> at this point, we do believe we could see a bottoming out in slowing growth. with help -- a demand problem cannot be easily solved with under equality. >> and it is more likely to be providing us law and economic activities. caroline: some of the voices, and we will look at some of the themes. mary lovely talking about some of the key issues confronting the chinese economy, and that will be the order of the day

when they have the discussion. whether we see the loosening of a covid zero policy, that may be push markets higher earlier this week. that's a better sign for the supply chain. what about hong kong, hong kong dollars -- romaine: we stopped talking about it. maybe they are talking about it over there. caroline: i don't think we are. tagger yearly shoot, taylor. that's another code. taylor: we had another set of things on our minds. pressing on, as you say, but our next guest can do all of this for us and bring back to life some issues we have been discussing, leland miller, ceo of china beige book international, his truck, of course, had little margaret. luther is -- how are you

thinking about a slowdown of the economy and the way china pivots? leland: i am not particularly worried about the slowdown. this will be a slowdown. it will be extended in the future. the question, is really a property crisis? they have the tools to be able to contain it. what you have to do is factor in that it is going to be at property extended, it will not be the driver of growth, so how's the rest of the economy doing. our data, we had a bounce very anti-vax during as services -- we had abounds back in services, and the retail itself looked terrible. you have a mixed picture and the economy is probably bottoming

out in the first quarter of the year. you are not seeing that acceleration yet or the easing everyone seems to be chomping at the bit for. romaine: as much as we hear about, for lack of a better word, the issues they have. given all the attention right now, with all the attention being paid ukraine, russia, what the european responses going to be, how this china factor into that discussion, if at all? do they want to be part of that discussion? leland: it depends on what the topic is. when you are talking about a situation like the russia sanctions, they are ducking your head right now. but two weeks ago or so ago, china -- it does not mean that

the u.s. and the west in particular has to have a china policy. we never saw a follow-up to a phase one trade deal, that is owed and will happen sometime in the coming weeks. i think china will try to play everyone off against the center. it is not an optimal situation, having been backed into a corner with vladimir putin, but you can say, do you want our adherence to severe sanctions in the tech sector, you will have to treat us with kid gloves on the trading side. that would be no surprises there. caroline: and this week, we saw travel stocks over in china get a bump higher, some loosening around the zero covid policy. but if you are not allowed to fly over russia, that's a lot of

routes that go over there. what toll are you likely to see from a consumer basis? leland: well, baby steps, and a lot of it has to do with the covid zero policy. there is a window between when the old liv-ex and -- the olympics end, which is now, and give or take a few months this summer, when they can experiment with a level of easing up. they may not call it that or talk about moving away from covid zero explicitly, but they can experiment with what it is like to have a softer policy. if they don't do it now and get closer to the summer, they will be boxed in, because they will not want any surprises around the time of the party conferences. taylor: can you talk to us about the big picture outside of the scope -- we have been having a lot of conversations about king dollar.

goldman sachs saying no longer in the near term, but maybe 30 years down the road you could have the yuan as may be starting to be a real currency. certainly may be no longer the set above the reserve currency that the dollar has here in the u.s., but how are you thinking about an impact the yuan could have, as it looks to have more clout and influence? leland: a pretty bold prediction by goldman 30 years down the road. there will not be a reserve currency any time soon for a number of reason, but number one, they do not want it to be the reserve currency. though yuan is essentially the dollar turned red. it is backed by u.s. dollar, provides them the stability for them to be able to manage the economy, it's to which china

opened their gates and provided the liquidity to the world, but the chinese leaders will lose control of their economy, which is no go territory right now. they don't mind making me want to little bit more available for trade sentiment, and then that's what it is. but any baby -- anything more than baby steps towards the currency, they will not be happy. taylor: leland miller, ceo of china beige book international. we will be back with our final take, next. this is bloomberg. ♪

♪ romaine: another wild week, of

course, the odyssey driven by the situation in ukraine, which continues to worsen their. it is having a lot of ripple effects around markets as sanctions are expanded and there is a lot of concern right now about what the will of hulu low mood reflection -- about it. >> the relationship with russia -- taylor: and the strength of nato, e.u., and countries applying for e.u. membership when just a few years ago, a lot of us had questioned maybe the health of the eu and the health of nato, and it is coming out in full force. romaine: that's the global picture. we will refocus next week on the domestic picture and take a look at the regrouping here. the u.s. markets will be reopening on monday without v t ccine mandate.

what'd you miss?, sorry joe weisenthal, it is now called triple take. we will hear from a bank ceo and ib -- iv mix, a bar and restaurant owner. the full coming up on monday. this is bloomberg. ♪ as a small business owner,

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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang, and this is "bloomberg technology." coming up in the next hour, reckless. why russian president vladimir putin is being accused of nuclear terrorism. we bring you the latest from the white house. plus, how the