let's welcome back luca paolini.t the center of this discussion, hanging over all of this will be this exchange rate. take me into that room. what do we get at the other end? >> i think the renminbi is still too high. on the other side, the u.s. is not willing to leave much so i think it is going to be difficult negotiations. but we feel that we will go a little bit lower before we see stabilization. mored politics get intelligent or is this a stupid as ever. >> what i mean by that is the chinese have been trying to support their currency over the last month and not allow it to go to freefall. do you think there is a technology that along the political sites? >> it is very difficult to say. i think there are obviously two different sides. the chinese economy definitely needs a much cheaper exchange rate. but we are also getting this big residential election and we know that the exchange rate is always a difficult topic to talk about. >> economic data may point to a slowdown but numbers from china's most used search e