let's listen to what adrian orr said.n: clear direction is to be reducing monetary stimulus, lifting the initial cash rate and then turn tightening monetary policy. this has not shifted us at all from that broad path. it has given us time for pause. kathleen: he said it last night and again today. the markets don't understand that the next move is going to be up and the rbnz's own projections indicate that they are going to hike the key rate by the end of the year. there are two more meetings. october and november. some people are saying they are still looking for if these lockdowns work, if the fire is cases get fast under control -- virus cases get fast under control. adrian orr certainly left the door open to that. shery: for now, the rbnz prudence is actually making a lot of analysts and economists reassess how they feel about what other central banks could potentially do. kathleen: we have an mliv blogger who said he thought this could send other central banks in the wrong direction. it could prove to be a rash move.

shery: adrian orr speaking with us a short time ago. as we continue to see central banks gearing up to taper, we have seen the fomc minutes really rattled the markets and that continues in the wall street session today because the s&p 500 did manage to gain a little bit of ground but really not much. it was a very volatile session. the vix ended above 20. we have seen also really those moves in the commodities space with bloomberg commodity index seeing its worst week in about two months. concerns and central-bank timing dollar strength virus concerns adding to the pressure and chinese adrs also fell. haidi: it is starting to feel like a vicious cycle. in the u.s. session, the chinese adrs are falling after a brutal session here in asia with the hong kong tech index falling to the lowest since its inception basically. we are seeing what a third day of continued outflows looks like as well so investors pulling their money out of exchange traded funds and focus on china as well. let's wring our markets reporter for more context. -- let's

dani: adrian orr there.hat decision to delay a tightening or tapering in new zealand would mean that we saw the aussie dollar, kiwi dollar, and canadian dollar all under pressure. that canadian dollar looking green because it is in the front of that pair. the kiwi dollar trading at a nine month low. let's get more on this from esther reichelt, from commerce bank, who is still with us. october is very much on the table. it would take a lot, in terms of demand, to delay it even further, yet we continue to see a lot of weakness in the kiwi dollar. what do you make of that dynamic? esther: i'm not surprised because everybody remembers the experience. we have the spike or the increase in cases going up in july and they still do not have this outbreak under control. the fear is that new zealand will be in a very similar situation right now so that this outbreak might turn out much bigger than the central bank initially expected and therefore that the central bank could be much bigger than they might indicate initi

adrian orr tells

tom: adrian orr, governor of the reserve bank of new zealand, of central bank great importance, particularlydiscussion of inflation targeting the leaders of research for decades and decades. governor orr in new zealand providing the messaging, given the delta variant. we welcome all of you on bloomberg radio and bloomberg television, particularly enjoying lisa abramowicz and kailey leinz. jonathan ferro off today. it is a friday, and everybody got the memo. lisa: yep. kailey: it just gets better and better. tom: ira jersey joins us from "bloomberg intelligence." on radio, it is teal, teal, and teal. blue is the theme today as we think ira jersey for his wisdom. overnight repo, all sorts of stuff will be written friday afternoon in the press about overnight repo going to 1 trillion and now up that 1.1 trillion this morning. that overnight trust money grows and grows. why should we not be worried about that all of liquidity -- that wall of liquidity? ira: it should not be a worry, but it shows, importantly, that there is plenty of cash in the system. in fact, were cashed in investors and banks

interview also coming up on friday morning, asian time, we will be hearing from the rbnz governor, adrian orr, after a decision that poured cold water on the global policy outlook. up next, tencent puts investors on notice, warning of more regulatory curbs to come, plus malaysia's search for a new leader yields two front runners. the singapore institute senior fellow tells us what he expects. this is bloomberg. ♪ haidi: tencent has a stark warning for investors. brace for more regulatory curbs on china's tech sector. it reported the slowest pace of quarterly revenue growth in more than two years. that's get over to stephen engle, who joins us out of hong kong. what is the company saying? >> they are trying to answer some questions that investors have. how long is this revelatory crackdown going to last? the government early this week and late last week gave an indication it could be a five-year campaign but how deep is this going to go? it is already 10 months in. there has been $1 trillion wiped off of these companies on the markets. tencent has taken it on the chin in the adrs overnight --