at the moment, cnh is improving.ie: coming up, when it is positive to go negative, my the experts welcome decision by some central banks to bring rates below zero. asia edge, back in two minutes. ♪ >> negative interest rates is good policy according to the bank of international settlements. a central bank for central banks, says that it is not clear how long such rates will remain effective. what this means for the global economy? so far, the rate has been beneficial. >> it is like the industry association backing the industry represents. this is the central bank, the overarching central-bank. they have done an objective study that looks at how these negative rates, which we see in places like japan and switzerland, are impacting the economy. that ity have found is is not as dire as the banks would like you to believe. europe,re falling in i'm concerned that it will impact profitability, and there is a clear link here between the two. a study shows negative policy toes are not transmitted money market rates, in the s

eric: cnh markets doing a deliverable forward.bids and options, so the simplest way is shortening the cnh. jonathan: we sell it happened a couple of months ago, you can get with sword without even seeing it coming. eric: if you think about our strategy being long and short, you will have long positions that are hopefully making money as emerging market currencies are rallying and the dollar is weakening that we saw over the , chinese yuan happened to be reality -- rallying so the short position loses but the long position makes money. david: you have a very powerful referee in that business. eric: it is a risk when playing in the chinese markets. they want to play games with the markets and that is certainly a time, theyt the same want a weaker currency, they want to move to a currency that is not pegged to the u.s. dollar. jonathan: eric stein will be sticking with bloomberg . five minutes until the open at nyc. matt: let's start in europe because the interesting equity story is really on the continent. you have markets turne