stephen roach, former chairman of morgan stanley asia was neither surprised nor impressed.westin and alix steel on daybreak america's. something thats we stated clearly several months ago by president xi and his senior adviser that china is going to move ahead aggressively and lifting the ownership requirements on financial services. the news last night may have added more clarity to that commitment, but it was not new news. >> i enjoyed the piece you wrote on bloomberg, and he said the west beats china more than china needs the u.s., in part because we buy stuff. i wanted to highlight that point. you let at the blueline of u.s. trade balance versus the white line, which is the u.s. personal savings rate and percentage of disposable income. can you walk us through? stephen: what a country doesn't say, i look at personal saving and government saving combined, all adjusted for depreciation. on that basis it was 1.3% of national income in the fourth quarter of last year. that is ridiculously low for a leading country. we have to borrow savings and we run this big cap and multi

roach. us is stephen great to see you, thanks for being here.o trade in china but i wanted to hear a little bit on what's happening with russia and the u.s.. what you think the impotent -- economic impact is on russia? stephen: minimal in terms of missile strikes on syria. on rush i think the major economic pressure point from the u.s. is through sanctions and russia is a one-dimensional commodity sensitive economy and remains highly vulnerable to tighten sanctions. failedsian economy has to diversify from this commodity sensitive structure. david: haven't they also shown they can take pain? we have had think before and we heard them and yet they still seem to go ahead. stephen: it is all relative. they can take pain but they can also -- they also incurred to economic costs for taking pain. the bravado starts to seem increasingly -- , we would've know been talking about china and trade. let's get back to that subject now. we have had xi jinping coming out trying to make noises. the new governor overnight, saying they will open of the financial m

stephen roach, of yale university, this is bloomberg. ♪ ♪ francine: this is "bloomberg surveillance". get the "bloomberg business flash". meeting high demand. according to people familiar with the matter, the european playmaker and buyers have agreed to raising to 63. playmakers have pushed back against higher quotas, signaling they are too stretched. bank of america will no longer land to some gunmakers. thevice-chairman tells us bank will not finance companies that make assault style weapons used for nonmilitary purposes. the february school shooting in florida set off a wave of pressure on banks to cut services to the firearm industry. the improved outlook for u.s. aluminum sales might be too much of a good thing for outcome a investors.- alcoa alcoa stock trading within 6% of the target, leaving little room for gain. it reports earnings next week. that is your "bloomberg business flash". tom: away from international relations, let's look at dynamics chairman powell will look at on the path to may 2. daniel morris with us. this spread, simple as you can. we have a rollover but stil