our next guest focuses on china's political economy and its engagement with -- it is arthur kroeber. re a risk we could return to the volatility we experienced in january and august of china's currency continues to weaken? arthur: there is a little bit of risk that i would not want to overstate it. the key thing is the u.s. dollar. if we see stability in the u.s. dollar i think authorities in timeng have an easy managing a gradual depreciation of their currency. the big risk is if you have a big spike in the dollar as a result or in anticipation of the next fed right -- fed hike. that mean a one-off devaluation, another one off devaluation like we saw in august is unlikely? arthur: no, i think that is a must certainly not going to occur. i think the people's bank of china realize they made a mistake in august when they made that one time adjustment and they seem pretty committed now to making gradual, incremental changes in a very careful manner because i think they are quite inre of the potential impact global markets that their moves can have. mark: what is your assessment of the ch