joining us for the hour, jane foley and neville hill. morning to you both, great to have you with us. jane, let me start with you. it seems to be a downward trajectory for the yuan. what is it going to take for the pboc to meaningfully stem the losses? probably have today is the you when trading steady. >> that's right. although we know that the aim is to liberalize, the only hints that we get is quite the opposite. last week the market was having too much of an impact on the so if you look at this from a textbook point of view, no central bank wants the currency to move too fast. back.s push that i think what they want is a less rapid decline but i don't think anyone is convinced that it will for further. >> the latest decision by china, rhetorically, to play hardball in retaliation to president trump, could that be a policy mistake in terms of the economic hit the country could take? >> it could be, particularly given that the chinese economy seems to be slowing dramatically. i think that's probably one of the reasons the currency is w

cheryl: jane foley, thank you very much, jane, real quick, take a look at futures that we can before, we have some green numbers to show you this morning, there you go, there are futures, maria bartiromo looking good this morning. maria: it sure is. good morning, ladies, tgif, thanks for joining us, i'm maria bartiromo, top stories right now before 6 on the east coast. we have what to expect and recent criticism from president trump ahead of hall meetings. no sign of progress just yet, china and the united states wrapping up trade talks as tariffs go into effect overnight. >> other nations seek to steal, copy or control american intellectual property and we have very, very little safeguards up and now we have probably the best in the world, we will protect america's ground jewel of intellectual property and advance technologies from harmful foreign investments. maria: very latest coming up. take a look at market futures indicating higher opening, s&p 500 is up 5, nasdaq currently showing gain of 16 and a half, quarter a percent higher on the nasdaq. this after down day yesterday on w

with me is jane foley, a senior fx strategist at rabobank. to see you.'s get into the guardian's story. it brings back the focus on the novichok attacks, who is responsible, all british fingers pointing directly at moscow. to demand the extradition of two russian suspects is a familiar route for britain to take, and will probably get a familiar response. that is the broad conclusion, that it will be met by a scornful response from putin. russia have said they have attempted to extradite russians back into russia from the uk, and these would be high—profile critics of the russian regime, and the uk has refused that. people will think that the crown prosecution service, after hundreds of officers trying to work out the precise movements of these russians, they are ready to put in this request. nothing is expected to come from it, from russia's point of view. to you and me it seems obvious they have to continue the process, but there is a paragraph near the end of the peace which i thought was quite amusing, in a sense, that there was a conflict from within

with me is jane foley, a senior fx strategist at rabobank.

jane foley have a great weekend.l of you for watching fbn:am, we now send over to neil cavuto for hour one of six that he will be broadcasting. lauren: we counted, six hours of tv. get off the air. neil: i always keep track, they all miss maria and that's understatement. the best one i got was yesterday when someone said, boy, maria really let herself go. [laughter] neil: that was a little mean, that really hurt my feelings and that was from my wife. i don't know why she did that, thank you, we have a lot more coming up in the next 3 hours but they go by like this on the show, great show, good morning, everybody, i'm neil cavuto in if friend and colleague maria bartiromo who le back next one, one italian for another, everybody needs to calm down here. not much calming down when it comes to tesla, sec probe already underway but what if i told you there was one underway, a separate one concerning whistle blower allegations about hiding certain models and on and on we go, there's turkey, still not done deal or resolved

jonathan: i spoke with jane foley, and she said we need 500 to 1000 basis points of hikes just to stabilize the situation. does a rate hike in any size get it done? >> an interest rate hike of any size does not get it done. it comes down to the credibility and policy makers saying the right thing, backing down. turkey is too big in terms of its political connections to not back down. you're looking at, either way, no matter what, a hard landing for the country. that means you have financial risk within the banks and tourism and trade go out the door. that is not sustainable. i do think the language is going to turn at some point. jonathan: let's move the conversation on. when a currency crisis becomes a financial one, when it becomes a systemic risk. are we going in that direction? fortunately, turkey's relationship with the financial system is not near what some countries would be. it can be contained, but i agree with kathleen, things have to be done quickly. as we saw in 1997-19 98, if you do not act quickly, it tends to make investors pull back and say i do not want to be invested in an

. >> i spoke to jane foley. we will be 500 to 1000 basis points of hikes just to stabilize the situation. just to address it. does it have any side to get it done? and interest rate hike of any size does not get it done. it really comes down to the credibility and policymakers saying the right thing, essentially backing down. in terms ofo big its political connection to not back down. you are really looking at either way, no matter what, a hard landing for the country. that means you have got financial risk. within the banks. -- banks. tourism and trade goes out the door. that is not sustainable. i do think the language is going to turn at some point. >> let's move the conversation on. when a crisis becomes a financial one. when it becomes systemic risk to the financial system. are we going in that direction? 's fortunately, turkey relationship with the rest of the system is not anything near what some countries would be. it can be contained. i agree with kathleen. things have to be done pretty andkly because as

jane foley, senior fx strategist at rabo bank joins me now. good to see you. good morning.ed, they've just arteta, good to see you. good morning. their limited, they'vejust arteta, and interestingly it's not the american business end of the scale of the iranians are bothered about so much —— they are limited, they've just started. the iranians have put lots of pressure on europe and said to european countries, if you don't pull back and comply with what the americans are saying then we will put sanctions on you, so there's been lots of pressure on europe. a company like renault have pushed back into the iranian market, they have said they will pull back their iranian presence there, but instead they will look at other growth markets, maybe africa, to get the return they hoped for from iran. iran lose what renault were offering, psa, peugeot, et cetera. airbus, siemens, these are some of the real big beasts of european industry. there were last-minute deals with aircraft trying to get them done before the sanctions take effect today, but it's got to be said although you just

cheryl: jane foley, great to have your expertise, thank you, jane. >> thank you.ning us, we will say good morning to maria bartiromo. maria: happy friday to you and good morning, everybody, thanks for joining, i'm maria bartiromo, it is friday august 10th, top stories right now just 6:00 a.m. on the east coast, turkey's economy on the brink, the turkish lara slide to go record low overnight amid growing concerns over the country's financial systems, the worries rippling through markets this morning, futures indicating triple-digit decline at the start of trading, dow industrials down 134 points, down almost 1 -- just over 1 half of 1%, s&p 500 down two-thirds of a percent as is the nasdaq right now. this after mixed story yesterday on wall street, take a look at averages yesterday at the close for dow industrials gave up 75 points, one quarter of 1% and the s&p 500 was down a fraction, the nasdaq squeaked out a gain up 3 and a half points. the eighth day of gains, that is the longest winning streak, by the way of the year n europe this morning markets are lower ac

now be twenty percent and still fifty percent relations with turkey not good this time speak to jane foley she says foreign exchange currency expert joins us live from london jane first of all let's just look at this tweet from donald trump you've already got an element of panic in turkey what's this new u.s. announcement going to do the whole. well i think it's just going to turn the screws on an economy that's already suffering and seen a huge amount of inflation and i think the timing of the tweet is is interesting and we just had an hour or so ago those comments from her to go on they were very defiant they were very nationalistic they weren't cools off when the markets were investors what they wanted to hear the markets wanted to see structural reform it wanted to see a tightening of fiscal conditions it wants to see where inflation before it gets its money back into the turkish column e. so turkey under a lot of pressure but certainly the noises both by erdogan and now by trying to turn this into more of a political scene and also you've got the finance minister and son in law he's j

messages that turkey is committed to independence of the central bank well we've also spoken to jane foley who is head of rebel banks foreign exchange strategy she says the turkish government has a huge task ahead to earn back investors trust. well many of us is do believe that and this is really about i think a crisis of credibility certainly with respect to the central bank and also at the fact that the finance minister is at a concern a little radicals is the impact of many people's. idea of credibility in the economy to say that what he needs to do is really assert the ideas of structural reform and certainly for the central bank this is very interesting because of course the market just a few weeks ago thought the such about would be needed to hike interest rates high by one hundred basis points they didn't meaning that at the market assumable this is no longer an independent bank and now the speculation in the market that if that central bank is to retake credibility it may need to hike interest rates next month but by five or ten percent huge measures which of course since very unli