joining us now is jim mccormick, global head of strategy. great to have you with us. what would be your strategy for chinese assets, bonds and the yuan, given what we have learned? jim: i think the pboc is right, they are one of the only major central banks that have a lot of room left to ease. we think they probably will signal another cut on the loan prime rate. got the central bank that is doing what it needs to do, which is modest easing in the face of what has been a pretty weak economy. manus: this is a debate on mliv this morning. good morning, good to see you. morgan stanley under assumed the robustness of quantitative easing and central-bank action. as we sit in the closing embers presume moreld i asg for my central-bank buck i going to 2020 than i currently think at the moment? jim: it is probably the opposite. you are right. if you look back at this time last year, there was a lot of negativity around asset markets. it had been a very tough time. i think, heading into next year, the lesson is that central banks have had an incredible ability to move asset ma