jim mccormick is with us.lot of news global times" saying china is looking to mitigate the impact of the trade or. is this a sign of easing intentions or is that reading too much into it? jim: the market has had a tendency to read too much into it. this is part of the underlying process, the exemption list. even some of the olive branch process that has been put in place the last few days is the same thing that happened back in july, and yet, all that keeps happening is tariffs keep going up, exporter sentiment keeps going down, and the trade war keeps getting worse. i am very skeptical about getting super positive on these headlines. manus: we'll all get a little more tempered. can i get your opinion on bonds in china? i was looking at some of the data this morning. have returned 3.5% 2019 but that is below some of the returns in some of the other bond markets. we've put it into our bond index at bloomberg. jpmorgan has, as well. what do you need from the pboc to deliver a bigger return on chinese bonds? the