jane foley is with us. effort has been made to quell exuberance, so to speak and restrain the yuan. have we hit the buffers of what they will do because people are saying to me, we are about to roll over on ppi and growth. how would you describe where we are at with the pboc? will we tilt to hawk or neutral? jane: they made it clear that they don't want the renminbi to strengthen much further. it was a strong signal that this has perhaps gone far enough for now. they want to slow it. now, i think you -- if you are betting on a rise in the chinese currency, you know you will be going against the pboc. that has changed because a few weeks ago there was an article published, one of the chinese papers, which was then deleted. that was about you might need a stronger currencies to offset the cost of the importing price of raw materials, which we know has gone up hugely. that post was removed now -- removed. now we know they are concerned about the rising currency. but they have to be careful because if they do t

we will keep going with jane foley.hat happens when the mics hit the -- when the mice hit the wires. i look at the pacific rim plate is something we have not talked about away from the majors. there's been an idea of better economy. pacific rim excellence. if i get a strong dollar, i cannot get pacific rim currency strength. which wins out? jane: in the short-term it will be the dollar. what the fed has done does potentially allow other banks -- if we consider the rba, those economies have been pretty good. they did not die that much last year compared to other g10 economies. they've had strong rebound. the central banks, particular the rba has remained prettied up rush. you could argue -- pretty dovish. now that the dollar has strengthened, this could open the door for other central banks to be a little more hawkish. you could potentially apply that same logic to the bank of england, maybe even to the ecb. to what extent does this open the way for other central banks to change their tone? we are not necessarily expecti

really pleased james foley -- pleased jane foley could join us today.is action dovetails into the banks. there's never been a crisis like this in the career of gerard cassidy with rbc capital markets. he has seen this before, angst and handwringing. what does all of this uproar mean for the big ask? gerard: you are right, we have been through a number of different cycles, and each one has a different side to it, but this one is quite interesting because we have not seen this low rate environment persist for so long, particularly on the long end of the curve, with the likelihood of inflation heating up to levels possibly we haven't seen in over 25 years. so the industry right now is grappling with an excess amount of caused by the quantitative easing by the federal reserve. as you know, the fed balance sheet now is over $8 trillion, up from $4 trillion prior to the pandemic, what the banking system weighing on their margins, along with this rate environment. tom: we were talking about $34 lobster rolls because we were coming on with gerard cassidy of por