joe biden did not touch on the recent air strike that was aimed at icbc, but ended up killing civilians including children. now joe biden also emphasized that the united states would always come to the aid of its allies. it has its back of those countries that are aligned with it. here's what joe biden said. all the major powers of the world have a duty in my view to carefully manage their relationships. so we do not chip from responsible competition to conflict. we are not seeking a new cold war or world wide it. in the rigid block, united states is ready to work with any nation will stand up for our allies and our friends, and oppose attempts by stronger countries dominate weaker ones. now this comes amid the aftermath of a decision last week by the united states to enter a trilateral security packed with australia and the united kingdom. the august packed has been set up and this agreement was seen as a slap in the face to france. a long time nato ally of the united states resulted in submarine contracts, the sale of submarines by france to australia being canceled. it was quite a lu

joining me now isjinny yan, who's the chief china economist at icbc standard. nice to see you.ey have taken a real dip, following news coming out of china today? absolutely. the data is very much anticipated. really the first sign since summer that we have had activity indicators showing us what may lie ahead and that is definitely a slowing down trajectory in terms of activity. now, i think markets are picking up, not just the fact that the economy and activity is slowing, but the potential for the central bank to wait further in terms of even more signs that the economy is slowing more than anticipated for it to loosen monetary policy even further. so markets are hoping for a cut in the benchmark interest rate or even probably the triple are which is the reserve requirement ratio, the rate most likely to move, and if the data continues to be relatively stable because we know that china will slow down because we have had this relative period of uptick in detail, but if we start to see that normalisation happening faster than anticipated, at a point when the rest of the world i

you look at icbc yields 7.3% or thereabouts. it's perplexing. david: why that disconnect?ally a lot of people asked this question one year ago but this year declined quite a lot. you know why? because they start to understand that china, banks are regarded as kind of infrastructure in china. so, infrastructure, it means that it's more about supporting the real economy rather than profitability. it also helps out the other sectors now. rishaad: give us your top picks. with regards to chinese banks. >> sure, we are currently prefer -- our topics in asia bank, china industrial bank and china merchants bank. these are very high quality banks and city commercial banks. among a-share banks, are top picks -- are relatively safer one being a-share because we expected to be more affected by the global funds inflows. things like that. rishaad: thank you so much. shuijin chen financial research analyst for jeffrey's. -- jeffries. let's take a look at the latest numbers. bill gates taking control of the four seasons hotel chain. a bet to the hobbled luxury travel industry to rebound f

icbc saying it has gradually reduced exposure with sufficient loan collateral.nde's dollar bond appeared trading at around $.29. investor focus shifts to the dollar bond interest due this thursday. watching to see if there will be payment or negotiations to extend. shery: a very exciting show coming up. number markets china open is next. this is bloomberg. ♪ >> this is my kitchen table and also my filing system. over much of the past three decades, i've been an investor. the highest calling of mankind i've often thought was private equity. then i started interviewing. i know how to do interviewing. i've learned from doing my interviews how leaders make it to the top. >> i asked how much he wanted, he said 250, i did not negotiate. david: and how they stay there. yo