where joined by -- we are joined by gary greenberg. now we talked about your investment -- gary, i know we talked about your investment in china. there are some companies you still think represent some value. what other sectors are you interested in? which of the individual companies that take your eye? gary: we want to be a part of the china that is growing. the retail and consumer areas are growing. service areas are growing. china still has a lot of need there. one thing he needs is more and commerce. so alibaba and more interestingly, logistic centers across the country like shenzhen international is a company that is building those. chinese are still having salary increases of 5% to 10% a year. that enables them to buy chinese -- moremore consumer discretionary income. i don't like the liquor. [laughter] it's not a requirement, it is the evaluation that is very good. mention some new media companies out of china. you get interest in much more established industries, rail companies. gary: it is a simple company. the story there is t

our next guest is head of emerging markets, gary greenberg. what is your first take? valuation -- deval uation. they are doing an ok job. gary: this is part of a larger plan to internationalize the renminbi and make it available as an scr. tois also part of a plan upscale the chinese economy, higher value added type of things. it is a small devaluation. i don't think they are really going to try to jumpstart the economy by lowering the currency. manus: if that is your jumping off point, if this is not going to kick off exports, what is? gary: nothing. manus: ok, stagnation. 3,4, 5,growth rate of 6, 7 is still better than anywhere else in the world. manus: it does matter whether it is three or seven. gary: the chinese are going to have to be happy with slower growth. they are preparing for it. their growth has not been of the overcapacity with in many industries. realism is a good thing. i think they are ready for that. francine: you do not seem over concerned. is the rest of the world ready for 3.5%-4% growth in china? gary: anybody who is paying attention is seeing th