central back independence do you know what he's talking about is the independence of zambia central bank and that's right yes . by the way i also say if there's a deputy governor of the central bank of india so understand exactly what you don't know about yours i think it's correct to feel that. their central bank independence is being threatened there's a 4 because of the monitor which they are running has been fired. and that we all feel it will doing a good job for it we're going to run ition. 3 not shows that there's no difference but you also believe that some of the states and it's not the government may have been issuing in the last few days of course in their government to put their name to go down. the flooring. that major annoys the government but even diminish the funds has been saying this incentives been stating the same things that there is need for government to me through orange because my goodness of control that the leader of your party mr hockey in the heat to name a will challenge president a guy who wrote in a column that the sacking of the central bank governor he called it a now this sad development for zambia what is happening in zambia. it is an honest i don't mis

formerleen hays with the central bank of india governor.oinsahead, walmart microsoft in the bid for tiktok. we have the latest next. this is bloomberg. ♪ ♪ you are watching "daybreak: asia." the u.s. has parked on another grim milestone with the number of deaths topping 180,000 euros -- 180,000 deaths. france reported its largest number of daily cases since march as the european union seeks to avoid a new lockdown. japan says its recent wave of infections is showing signs of subsiding. president trump will accept the republican nomination later, asking voters for another four years in office. he will speak from the white house saying the u.s. cannot trust joe biden or the democrats to handle the coronavirus and the racial divide. the president was ready to cancel his speech because of hurricane laura but will go ahead as the storm moves away. don't miss our coverage of the public and national -- number public and national convention. blican national convention. nba aent trump the political organization as players protested the shooting of j

accelerated dramatically because of the pandemic and because of the actions from central banks and governments earn coma in new delhi india traditionally has valued gold for a very very long time you're looking quite small right well. reserves of gold seem to quite huge yes you know goldman is one of the assets in the portfolio i think that people who are and when there is uncertainty people shift toward gore so the pandemic has created a huge uncertainty and that's why people are shifting to our court with 2nd thing is that you know there are cultural values associated with poor so in india and china people voted large amount of poor because of you know reasons of waiting and you know this law and so forth but also let me say the gold price in india is determined by the international price because india hardship uses any quarter and i think what's happened is that the demand is shot up but the supply of gold is limited because the mind only in a few countries knows how to go straight to russia. so they go short fall in that supply of gold but the demand has shot up a lot of people shipping clerk buying gold and that's wh

certainly accelerated dramatically because of the pandemic and because of the actions from central banks and governments. in new delhi india traditionally has valued gold for a very very long time you're looking quite smart right well on your reserves or gold into quite huge. yes you know gold is one of the assets in the portfolio i think that people who are and then there is uncertainty people shift toward gore so the pandemic has created a huge uncertainty and that's why people are shifting toward gore the 2nd thing is that you know there are cultural values associated with gore so in india and china people voted argemone of gore because up you know reasons of waiting and you know was so on and so forth but also let me say the gold price in india is determined by the international price because india are cheap you see they need gold and i think what's happened is that the demand is shot up but the supply of gold is limited because it mine only you know every 2 countries it was how to we go straight russia . will they go short fall in that supply of gold but the demand has shot up i think that a lot of people are shipping

central bank of the u.a.e. ordered the seizure of his family's assets in the country. miss hell approached by now in india for comment he directed al-jazeera to a statement issued 2 days after his assets had been seized in the u.a.e. . the statement read. the series of events is december $29000.00 have shocked me as much as anyone else including the ellis fraud and misconduct at n m c as well as the existence and extent of undisclosed company debts. to see everything that my family and i have a strived to build over the past 45 years eroded over the course of a few short months and mainly due to the misconduct and wrongdoing of people i put so much trust in saddens me beyond words. i intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them in sewer that misappropriated are missing funds returned by the perpetrators to their rightful owners. on the 24th of july 2020 al-jazeera email dr shetty to see if he had any further comment but he did not reply. dr shetty claims innocence in the events that have taken place he is portraying himself as a victim he is s

of hours. coming up, central-bank meetings in australia, india, and highland this week will assess the tools policymakers possessed to deal with the pandemic. ubs asset management and anderson joints next. failed toend meetings unite democrats and republicans on a stimulus bill. analysis ahead of what to expect from talks scheduled for monday. this is bloomberg. ♪ karina: you are watching "daybreak: asia." i'm karina mitchell. global coronavirus cases are approaching 18 million with 680,000 deaths as scientists race to find a vaccine. the u.s. remains the epicenter. cases in california rose by more than the 14 day average while new jersey's transmission rate climbed. nancy pelosi exposed deepening splits in washington saying she no longer trusts pandemic information coming out of the white house. >> the president is spending -- spreading disinformation about the virus. and she is his appointee. so i don't have a confident -- i don't have confidence, no. karina: the u.k. is set to be considering sealing off greater london and ordering people to stay at home in a bid to avoid a second national lockdown. th

bank of india would need to ensure more liquidity and the banking system. this is more from the medical world, hence the uncertainty element. the centralliquidity comfortable. they will ensure that they leave no stone unturned. is in the short end of bond yields and india. haslinda: what do you expect the rbi to say about the prospects for the economy for growth? do you expect it to forecast a deeper contraction and what it did back in may? gold is definitely a concern. there could still be a similar trend. there is a very broad band ranging from -6%. that this is not coming back in a very big hurry. haslinda: clearly the demand side has recovered. the supply side has recovered, the demand side has been struggling. reports are suggesting that 100 million jobs will disappear. that would impact demand. lakshmi: there has been two sections. the monthyou look at of june, you are looking at workers. some will be back 100%. the man -- the demand structured for permanent job losses. where the other side is very diverse it. these are very key numbers. this is not a complete indication because the country was in lockdown. further opening up in

of further weakness, shrinking 16 .5 percent from a year ago. india recovering from one of the world's biggest lockdowns. the rbi's hands are tied as well. the central banked yesterday and instead are focused on allowing small businesses to restructure loans and adding more liquidity into the system. >> let's return to congress. u.s. house speaker nancy pelosi speaking about the u.s. stimulus. take a listen. we are listening to speaker nancy pelosi talking about the stimulus negotiations she has had with senator chuck schumer, as well as treasury secretary steve mnuchin and white house chief of staff mark meadows. the understanding right now is that there are still significant differences between republicans and democrats. take a listen. it seems we don't have the feed right now. basically we have been hearing secretary mnuchin saying the administration and democrats are so far apart -- still far apart on top line figures. there has been a discrepancy of $2 trillion in the democrat controlled house bill and republican-controlled senate bill. they are trying to work out those differences. senator chuck schumer speaking right now. let's see if we can liste

haslinda: speaking of that data, still to come, oxford economics looks at india's economic data. also a reaction on china's manufacturing numbers, and that call on central bankerg. ♪ ♪ rishaad: this is bloomberg markets. the gauge of china's manufacturing -- the pace may have picked. china is ahead of -- let's get to louis kuijs, head of asia economics at oxford economics. tell us a little bit about what landscape is being painted by the date it we have been getting out of china? louis: yeah. so today's official pmi index probably puts it together nicely in the sense it is still pretty solid, 51%, slightly lower than july, which is a little consistent with the idea we had a strong rebound after the plunge. maybe now the pace of sequential recovery, how we move month from month, is coming down a little. we still expect a recovery, but we are probably past taht per -- that period of very rapid improvement. rishaad: that is one country were looking at. the other we are going to be looking ahead to is india. we are looking at possibly the biggest economic contraction in the country's history. this is after one of our reporters on the ground, whether it could all

central bank to emancipating government is really important. i have a james, headline on india, which i will get to in a second, but first of all, today we found u.k. government talks about 2 trillion pounds for the first time ever. going back to what you said, this is a theory that was really derided 10 years ago. what are the dangers, you know, unintended consequences of actually doing lmt? the modern, lmt, theory, is indicating that the market is better at allocating resources, and the efficient down with these -- aficionados is different, it from where it was. talking about shrinking the private sector and allocations of resources. this is, i think, an issue of politics rather than economics. the jury will be out about whether modern monetary theory works. but the idea is a rising expectation that what we provide the market is not quite limited and is akin to pushing on a piece of string. the government spending route can absolutely drive forward. the question is -- what happens when inflation accelerates? because the real factor of modern monetary theory is we pull back spending when government rises, because that would be the keynesian a

central bank accommodation will continue. are a question of where you on the interest rate side. if you are closer to zero bound, you would go into qe. this week, we have thailand and india at the zero bound although thailand is getting close. it's a question of the timing of when they will deploy more monetary support. some might come later. in india, there was a bit of an inflation uptick recently. no question, the direction of monetary policy is still accommodation. inmate in the case of india, it's one of the closest calls. the market is pretty evenly split on whether they are cut or not. at the moment, they expect they will pause for now. we do expect they will still cut by 50 basis points in the fourth quarter. maybe they will hold because of the inflation. we are expecting some announcement ofo mo. the pressure on fiscal balance sheet is severe and at some point central banks may have to step in not just to provide liquidity to support businesses but also for deficit financing less well and it might be a story involving an into dutch india after indonesia did it earlier. you talked about the demand shock. even for economies like china showing signs of recovery, co