toronto,lcome from mark mccormick.t is treacherous waters, you heard, but if you look at how is reacting, you wouldn't see that. the dollar is strengthening against the yuan. the yuan is up a little but not dramatically so. a lot of the news around trade and trade tension has been priced in for the past six months. you have seen it in high-frequency economic data. the rest of the world has been underperforming against the u.s., whether currency or equity or general economic data momentum. tradeof the stress around have been pricing over the past six months. when you get to the announcement, there is not a lot of juice left in the exchange rate. -- chinese policymakers want to cap it from breaking seven or reduce volatility or he, which all of these things -- volatility. currency --s to when it comes to currency, isn't that what you are saying? what is the risk to currency if they say that one way to take care of the problem is to allow devaluation of the yuan? do withrt of it has to what is the trade-off of devaluation

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