that figure right there on the euro gold off marginally bitcoin prices, 3,778 let's bring in james liuo go over these themes. let's start with the reserve ratio requirement cut by the central bank in china. this is something that a command and control economy in government can do to stimulate its economy that doesn't necessarily happen with an independent central bank like the fed. what does this signal about what thin fe china feels about their own economy, the fact they're cutting interest rates >> it is a centrally controlled economy. so they can implement these stimulus measures. the context here is that we've been talking about hard landing or soft landing in china for eight years now. we know they've been slowing down we've seen that not just in the government reported numbers, but also in other indices. if you think back to what happened in 2015/2016, when with that last bout of big volatility we thought china would hit a hard landing, you had a lot of stimulus come out of the chinese government at that time. this is very much in their playbook the broader picture is if investor