uncertaintynote of to the outlook. if you are bullish, the u.s. dollar on the back of the rate hike in december then you should be looking for higher levels really and yet the fixings have tended to be on the low side of where models would indicate from a strictly trade data point of view so i think stability is probably the best that in terms of the short-term but if you are looking into next year i think we do have to look at higher levels on dollar china and that should be expressed through ndf, 12 month. say we cantegists expect repeated pboc moves toward off the growing signs of slowdown. had six rate cuts in the last 12 months, which means we could see another one before december 31. how much does that obtained gdp? medium to high level gdp growth is needed over the next five years. you have to build a case to see it move again and again. puts more pressure on emerging markets and have a moderate. if you shared by mark mcfarland, an economist. he also expects further pboc action. one.flation is the key the pboc is interested in the inflation