more with adam posen and stephen king. yuan chart, the renminbi. .oday nearing a six-year low bears are testing pboc tolerance. adam: it goes to the fiscal point. economic and political arguments are obvious yet no one does it. if you go back a few years, china was very active on fiscal stimulus in a constructive way and right now they are reluctant to do it. as many people of pointed out the are creating all kinds of distortions in their financial system and that has to bear down on the currency because that gives the signal that maybe the reform process is not as strong in china because they are unable to take positive action. you could flip it around and say the same for the u.s. francine: that is fair but i guess china is the most unknown. day in andut the fed day out, we talk about brexit. why have we not talked about china? program.it is your francine: the markets are not in a panic mode at all, they are stable. stephen: there was a fear at the beginning of the year that china would have a deep, hard landing. the fea

david: still this is adam posen in washington and alicia agama. she is a senior business advisor. just talk about the bank of japan but the fed this afternoon. there is increasing the system even janet and yellen about sending mixed signals and not really knowing where we are headed. is that fair and what can she do to correct that? think it's fair but unimportant. moderncontext of economic history at the amount of uncertainty about the fed people are feeling now is tiny compared to the past. the fed is far more transparent and the actual room of their maneuvers is limited and everyone knows what the direction is and the bond market volatility is very low. basically, it's true their communication has gotten noisy. it was a little weird to see things going on before and after janet yellen's speech. it's not good but it's also not important. everyone talks about uncertainty. if the rate hike is in this -- in december instead of september and it has been clear for weeks, then it's not a big deal. if governor king in the bank of england was there and you are giving speeches, how would

let's bring in adam posen who joins us.l. >> a 4 million private sector jobs, people want to know how you got to that number. >> yeah. it's the number -- the number is a solid estimate, but it's an estimate. what we've done is we've taken several different standard macro models and then said, okay, if you get the baseline trump policies that he's declared, we work through industry by industry, county by county what's going to happen, and i actually think, carl, that's what people should focus on. we have it all up on our website, all the data and interactive map. people can reconstruct it. we're making tangible how santa clara, california, or it's detroit that gets hit and it's the poor working people, frankly, who get hit. if you start a trade war with mexico and china. it's not just an abstract big number. it's specific industries, specific companies, specific communities. >> how are you making the leap from jobs that are directly tied to trade to jobs that are affected in ripple effects? >> that's a very good question. w

also adam posen will be weighing in on the boj as well. some great stuff from the african summit. bob diamond will join you. francine: he is going through a painful time, to say the least. i want to get his take on european banks. i hope he will give us a clue on deutsche bank. tom keene and michael mckee will be with us throughout the day on bloomberg radio. i should come to new york more often. alix steel there with "bloomberg ." kevin logan, we have been talking about the fed and a lot of it is theoretical. you told me we have to look at the money markets because this is -- it tells us the story of regulation that some may not like. bign: right now there is a change in regulation coming up on october 14, on new money market regulations going into effect. the prime money market funds will no longer have a fixed net asset value. in addition, to prevent fire sales, these funds will be allowed to impose gates that can close and stop people from taking their money out. the last thing a corporate treasurer wants is a lack of liquidity. so