hao: i'm not surprised at all.ain last month, basically, the pboc has been taking back liquidity. even though people -- more liquidity so equity prices can go up further. that is basically the plan of the pboc. also right now, because the bond market is in china still yielding a decent yield for the bond message. it has been quite strong since this year. early this year. what this means is that the pboc is forced to expand its balance sheet at a time when inflation pressure is building though at the end of the day, that will translate to more risk down the road and it is a picture that the pboc does not want to see so that is a result -- liquidity. kathleen: hao hong, thank you for joining us, head of research and chief strategist at a company. we will zero in on the recovery of the hospitality sector with trip.com's ceo. be sure to check in on that in half an hour. this is bloomberg. ♪ >> a quick check of the latest business flash headlines. blackstone group is offering $3 billion to take over office developer soh

>> we are key in underlining no one is safe until everyone is safe we hao invest in a fair and equitableistribution of vaccines. we are getting there, but it is too slow. we have invested from the norwegian side around 500 million u.s. dollars in this program alone. that has been good, but we also need others to step up. germany is stepping up their efforts. we have with south africa issued a letter asking others to join in. we asked 83 countries to pitch in with more funding. >> if we go back to those numbers, if we have here in europe within 15 times more likely you have been vaccinated then in parts of the continent of africa, we think to the future, that cannot be allowed to happen again. >> that is one of the things we are looking -- we are working together with germany and south africa and others on to make sure if we have a situation again in the future with a pandemic or epidemic, we are able to respond more quickly. that is why we are investing so much not only in the distribution of vaccines but to make sure we have an architecture politically that can withstand what comes as a

>> this is commissioner hao. no questions, but just a comment that it's always nice to get good news from the mayor's office. so you know . . . >> mm-hm. >> other questions or comments? thank you very much. i think we go ahead and if we're seeing none we'll go ahead and open this up for public comment. >> thank you, president follansbee. public comment will be available for each item on this agenda. each speaker will be allowed three minutes to comment in length unless the board president deems new public comment time limits during the meeting. as all public comments are to be made concerning the agenda item that has been presented. as a reminder, a caller may ask questions of the policy body, but there is no obligation to answer or engage in dialogue with the caller. when i welcome you on the call, you are encouraged to state your name clearly, although you may remain anonymous. when your three minutes have ended, i will thank you for your comment and you will be placed back on mute and the moderator will unmute

>> this is commissioner hao. no questions, but just a comment that it's always nice to get good news from the mayor's office. so you know . . . >> mm-hm. >> other questions or comments? thank you very much. i think we go ahead and if we're seeing none we'll go ahead and open this up for public comment. >> thank you, president follansbee. public comment will be available for each item on this agenda. each speaker will be allowed three minutes to comment in length unless the board president deems new public comment time limits during the meeting. as all public comments are to be made concerning the agenda item that has been presented. as a reminder, a caller may ask questions of the policy body, but there is no obligation to answer or engage in dialogue with the caller. when i welcome you on the call, you are encouraged to state your name clearly, although you may remain anonymous. when your three minutes have ended, i will thank you for your comment and you will be placed back on mute and the moderator will unmute

it mea tha badidn't hao them. isbig deal to .>> do you miss being president? >> the real answer is i loved being president. on the worst days i loved it. on the worst days there was always something you could do that would make life better for somebody. i loved the job. it's a good thing we had a two-term limit or i would have forced the american people to defeat me or take me out in a pine box. on occasion since i've been gone, i would think about what would i do? what would i do differently? i think the secret for happiness, when you leave the white house, is to always be at the next president's beck and call, but only if they want you. >> reporter: the president and patterson wrote their latest thriller over the course of the pandemic, also using their time in quarantine for self- self-reflecti self-reflection. >> i think it's important you analyze how do you want to spend the rest of your life. it gave me a chance to do that. it forced me to come to grips with the fact that i needed to get rid of every bit of anger i could, e

. >> commissioner hao. >> present. >> commissioner scott? >> present. >> and commissioner zvanski? thank you. >> thank you. we have quorum. >> thank you very much. can we have agenda item no. 3, please. >> yes. agenda item no. 3 is the approval with possible