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for agulator is coming lot of criticism this week and seems to have responded, china suspending the stockator saying on the social media site. eswar prasad, earlier we had a conversation about the pboc being new to handling all this. doesn't this point to the immaturity of the regulator? a decision one week and changing at once again? >> i'm glad they are changing it because it wasn't a great decision. certainly having a circuit breaker in and of itself is not such a bad thing, because you don't have market panics and you want some time to table is them. the chinese government has been facing is they want the stock markets to work like real markets, but they don't want to cede control and they do not have the institutional framework necessary to support the funding of a market. they don't have good corporate governance, transparency, auditing and accounting standards. as the government has not been willing to tolerate that much volatility. in that environment, putting in circuit breakers ends of pushing the market right to that margin whenever there is any concern. so i think taking that