we have seen a xi jinping's head of the peoples bank of china. ping's name head of the peoples bank of china. we have seen a xi jinping's name and philosophy placed in the country's constitution. it has been a very big conference but really, what everything else has been swamped by, is the power that xi jinping has been able to draw around himself in various ways and it's hard for anything else to cut through. stephen mcdonell in beijing. thank you for the updates. we will have more on that lightspeed shortly. —— live speech. let's take a look at some of the day's other news. uber has suspended all tests of self—driving cars after a woman in arizona was killed in a collision. at the time of the accident, the vehicle was running in autonomous mode with an operator at the wheel. uber described what happened as incredibly sad and said it was fully co—operating with local authorities. our technology correspondent dave lee reports from san francisco. it was late sunday night when, according to police, elaine herzberg was struck by uber‘s self—driving c

kick—started a week that will be dominated by central bank news, because as stephen was saying, yi gang has been appointed as the head of the people's bank of chinae's bank of china, but we also have jerome powell's first meeting as governor of the us federal reserve. that takes place tomorrow and wednesday. and we have the bank of england, so there is quite a bit going on with central banks. but also in terms of how markets did today, you can see that is how things ended on friday. this is australia and hong kong, but it is important to note that japan closed down by almost 1% at the end of today's trade. a lot of the losers today's trade. a lot of the losers today our suppliers to apple. for example, samsung shares were hit. these companies are the companies which make the displays for apple products, the iphone and the ipad. that is huge in terms of revenues, but could be lost if apple starts to make their own screens. let's look at europe quickly so you have a sense of how the european day is going. iam sense of how the european day is going. i am hoping we will get the european numbers. we are trying to change them, but we can't, so i will h

of work. china is expected to announce that us education economies will become the country's new central bank governor. he has served as deputy governor of the people'sand is set to replace the current leader, who has held the role the 15 years. this is a look at what else we can expect on the business calendar. the us central bank kicks off its two—day meeting. high expectations jerome bank kicks off its two—day meeting. high expectationsjerome powell hike the cost of borrowing at its first meeting as the federal reserve chief. on thursday, full—year numbers from china mobile, the world ‘s largest telecommunications company. and also, nikkei will be posting its third—quarter numbers —— nike. currently it is a down day for the asian stock market. the nikkei to 25, -- the asian stock market. the nikkei to 25, —— to the asian stock market. the nikkei to 25, -- to 25 the asian stock market. the nikkei to 25, —— to 25 is down. thank you so much, have a wonderful monday, but from now. —— goodbye for now. let's bring you up—to—date on some of our main story is this ally, vladimir putin wins a landslide some of our main story is this ally, vladirr; i"; the

of buenos aires. from argentina, let's switch to china. the next few hours should bring confirmation of who is taking the reins at the people's bank of chinasome say it is the deputy governor, yi gang, who is set to secede zhou xiaochuan. tom joins us now. what does that signal in terms of strategy for the pboc? tom: it certainly signals continuity in terms of pboc policies, because he has been the deputy governor for about a decade. he has the current governor's nu mber to. o. yes and part of the bank since 1997. he steered the bank through the financial crisis and also the moves to liberalize and take a part of the reserve currency basket, and impose capital controls and crackdown on risk in the system. zhou xiaochuan is seen as having groomed yi gang for this position. they say it is a positive are investors because you have a steady hand on the helm of this ship moving forward. it is a more powerful central bank now. given those additional powers to rewrite and write new regulations for the financial sector. the challenge, many would say, is complex. whether it is the central bank and its role in overseeing debt while ensuring there is

the governor of the people's bank of china has said markets assets reform should be accelerated. aid policymakers are now focused on achieving quality growth rather than the pace of expansion. china'sents came as broader gauge of new credits slowed. u.k. officials join -- officials don't expect to reach a brexit deal by the end of the year and expect january is the real deadline. european union chief negotiator michel barnier has long said he wants the withdrawal agreement done by october this year so there is time for it to go to the european and u.k. a parliaments -- and u.k. parliaments for approval. the timetable could foot. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . asian markets very much focused on the prospect of talks between the sitting u.s. president and north korea's leader. we had the yen fall. we saw investors move out of state havens. the nikkei closed higher. a lot of focus on south korea. the kospi is up by .8%. we had the data out of china. keep

of its banking and insurance sectors, putting them under the supervision of one government bureau. all this while there is a transition in leadership at the central bank and the people's bank of chinachanges are crucial to president xijinping's effo rts crucial to president xijinping's efforts to bring down debt levels in chinese companies while the economy cools down. growth has dropped from 10% in 2010 to just under 7% last year and the international monetary fund says that will slow down to below 6% by 2020 to. earlier i spoke to an equities expert in hong kong about what putting an end to presidential term limits will move the chinese economy. over the medium term there is likely to be very little impact. in some ways what it does reduce the uncertainty that we may have otherwise seen. from a market perspective over the short to medium term i don't think there is an issue. there will be those who say if the policies are not the way that one would want over the longer term, this may reduce the ability for that to be changed in the future. if we go back and look at the us, around world war two, we had presidents was over two terms as well. i think it comes down to the policies an

he has served as deputy governor of the people's bank of china for the last decade and he will be replacingear after a record 15 year tenure. when you speak to analysts about the incoming appointment, they say it assures policy continuity as beijing moves aggressively to incorporate the west into its financial system. other banking regulations have reacted to contain problems in terms of runaway debt rose and curb risking lindy practices in the shadow banking system. this man will ta ke shadow banking system. this man will take charge of efforts to liberalise the exchange rate and get greater investments into the capital market. a steady hand for monetary policy in china. thank you very much. it is good to see you, rico. now let's brief you on some other business stories. melrose industries has stepped up its fight to snap up uk engineering firm gkn, with a promise to pump more than $ibn into the firm's pension fund. the hostile takeover bid by melrose, worth some £8bn, has attracted opposition from politicians, customers and some shareholders. apple is designing and producing its own devic

economist gang was appointed to succeed the longtime governor of china's central bank on monday the elevation of e.u. to head the people's bank of china was in a slate of promotions approved by china's legislature you studied at the university of some paul and received his ph d. in economics from the university of illinois previously you has called for greater market access for foreign investors and for a further internationalization of china's currency. it's back to sue me and the big upset in the bonus league on sunday that's right christophe leipsic it came from behind to record a first ever win over runaway leaders by your new nick it was byron's first defeat in one thousand matches and it keeps leipsic firmly in the hunt for one of the league's four champions league spots. the start of this match was more notable for he was on the bench rather than the page top scorer robert levin one of six arrested by bryant on route hans and that's all that's down his couch and sends it back really all been among another six others might say coach may have been ruling that decision early on him depends on it see son trayvon was t

china really more open than it was? for example, the new head of the reserve bank, the people's bank of china, has said he wants to openup its economy to more foreign investment for example, in the finance sector. good, let's see if that actually happens. in some ways, when you look at the internet, this place is closing ever more. you are right, the flipside of the argument is like trade. china has become this defender of multilateralism opposing ta riffs defender of multilateralism opposing tariffs and you have the us government pushing up tariffs and putting up walls if you like. it is a little bit like china's approach to the environment. china is defending this approach which says man—made climate change is real in the face of the trump administration's apparent denial of this. and so you have this funny situation on the one hand, president xijinping becoming more of a strong man, a tougher leader who cannot be questioned, and yet he is also defending these universal principles to do with environment, multilateralism and free trade. very interesting. thank you for now. let's brief you on some of the other stories

appointed several new leaders for the finance and economic cabinet including a new head of the people's bank of china gang receives parts of his education in the united states is he the right person for the job. it was very much expected by the market so no big surprise if we look at his background he has a very strong academic background so he went to the university of peking in china and then actually went to the university of illinois spent about a decade in china before as are in the u.s. before attending to china he's been with the central bank the p.b.'s c. since nine hundred ninety seven more recently as the deputy governor so a lot of alignment and consistency regarding prudent monetary policy is expected in the foreseeable future and now that these several new figures have been appointed from your perspective how will china's economy and capital market develop. in terms of what the government is really focusing on there's also been the appointment of a vice premier who again has got good u.s. trade relations so it's likely to well there was likely to see more of him in and regards to trade d

of the central bank u.s. educated economist yang prior to his new role mr yeast served as deputy governor of the people's bank of china since two thousand and eight his appointment is expected to continue reforms to the chinese economy supported by president xi jinping the chinese central bank is not independent from the government or the chinese communist party like many central banks such as the u.s. federal reserve the european central bank or the bank of england. and mexico's former first lady has thrown her hat into the presidential ring lawyer margarita zavala the wife of former president and ricky calderon was certified as a candidate on friday after electoral forty says she's filed the needed number of signatures savalas husband was selected as the nominee of the conservative national action party or pan but the follow will run as an independent challenging the pan's nominee ricardo annika who is currently running second in polls behind leftist andres manual lopez obrador are. as most of us know the trump administration released a budget plan earlier in the week it calls for an increase in defense spending of

and a key ally of xi jinping of china, the party secretary of the people's bank.e such a person to communicate on performance -- the and coming pboc governor will continue to ease access to its financial sector and introduce more currency reforms. he pledged to retain the drive to defuse risk. risks excuse -- external threaten china, i think the current ranking system, insurance and securities markets and the controls in place leave china well-placed to mitigate those risks. ramy: global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. inocencio. and this is bloomberg. ♪ we are counting down to the open in tokyo and seoul. -- the pain and the equity markets after the close of the quarter. sophie: two roundup the first quarter and last week, we are looking for investors to tread carefully this week, and the light data from asia when it comes to direction guidance. we have trade tensions likely to continue living large on investors' minds. we have chinese pmi and japanese central output among the highlights. with tr

numberat really is the one focus for tomorrow, the new governor of the people's bank of china. expecting it to be announced tomorrow at some point, probably in the morning. we will also get the new head of the newly merged regulatory body key and tackling the financial system in china. those are two things to look forward to tomorrow. our china correspondent, tom mackenzie bringing us the latest in beijing. is still with us. in addition to the china story, we do have a g20 meeting taking place in buenos aires. you would expect that trade in the prospect of a trade war -- trade war will feature high on that list. how are investors supposed to deal with the risk of a trade war? fahd: it is one of those risks that is not expected. think that is on par with where the market would be. it is not expected but it is something that if were to come through it would be devastating for the market because it would the economic advances we have seen. it would not go just into the areas of trade itself, there is a lot of room for spillover. one of the areas we have highlighted is that in a tr

the next should bring as confirmation of who is taking the helm at the people's bank of china. say the deputy governor has been selected to succeed. let's get to beijing. tom mackenzie there with us in the last days of the national people's congress. this guy is in fact the one. does that suggest continuity when it comes to the pboc strategy? because he has been in the pboc since 1997 and more importantly, he has been under the watch of the leader for almost a decade. he has been the current governor's number two for over 10 years and that is a time when he steered the pboc end of monetary policy through the financial crisis and through the moves to have the yuan taken up as a basket currency. adding additional tools to the pboc as well. if he does take over, he will take over a more powerful pboc. he could rewrite regulations around the financial sector. it is a more powerful plank, but the challenges are significant. not just controlling the debt and ensuring there is not a crash in the economy but further moves to liberalize the yuan and try to calibrate with what the fed is

he got tenure at indiana university up until now, he's been the deputy governor at the people's bank of chinad he's also a protege of the outspoken, outgoing governor, governor tran has been known as a liberal and pro markets voice among chinese policymakers and very much a favorite in faster liberalization in the financial sector there are two questions that investors have for mr. yi. first of all, is he going to have access to the foreign banks. and in his first comments as governor he said a slew of new reform and opening policies would be announced from now until early april. he didn't mention any specifics, though now, in terms of the question people are going to be asking him what is mr. yi going to be doing about all the debt the debt here has been rising and the outgoing governor has been raising his concerns about it mr. yi didn't say anything about that today however, it's unclear how much influence yi gang is going to have over policy that's because for one in china, the pboc doesn't have the independence as, say, the fed or ecb. and beyond that it increasingly looks like the man c

the people's bank of china has raised interest rates by five basis points. day's decision is the first following the new governor. -- appointment of the new governor. global news 24 hours a day, powered by more than 2700 journalists and anaylsts in more than 120 countries. this is bloomberg. that.thanks very much for for more on the threat of a trade war and what it means for markets, joining us from singapore is a bloomberg strategist. is china for an center as far as concerns the market? >> i think trade is front and center. i think markets are finally waking up to this risk is real. the market seems to be concerned that the risk of a trade war is actually real. investors seem quite relative to brush aside those concerns a couple of weeks ago. i think this is what has really dominated the market. other thingsy going on, whether it is the fed hike, the pboc hike. the: i'm just looking at china's stock slides with a grain of salt, i'm just wondering is there a loser here? the proper cliche is there are no winners in a trade war, but are there? >> there are pr

election. 10 across central bank has increased the cost of short-term loans to commercial lenders tightening policy in step with the federal reserve. the people's bank of chinainterest rates. today's decision is the first following the appointment of the new governor. french prosecutors have said to have charged former president neglects her cozy with accepting illegal campaign contributions. parising to a person in prosecutor's office, sarkozy was charged. he has denied the allegations. in france, charges are brought during investigation before a decision is made over whether the matter will go to trial. peruvian lawmakers have begun a begun planningr transfer of power. martin will be sworn in friday. he has been serving as peru's ambassador to canada. global news 24 hours a day, powered by more than 2700 journalists and anaylsts in more than 120 countries. you can find more stories on the bloomberg at top . we are seeing weakness coming through in the big stocks in china. concerns about what these tariffs on china are going to be what we saw with the fed hike. elsewhere, we are seeing a little bit of flat movement coming through in big trade in india.

the governor of the people's bank of china says market access reform should be accelerated. ore focused on achieving quality growth rather than the pace of expansion. eased amid theon week after the new year holiday. global news 24 hours a day, powered by more than 2700 journalists and anaylsts in more than 120 countries. this is bloomberg. thanks very much for that, now let's focus on the global growth and inflation outlook. i was in frank for yesterday for the ecb meeting. they dropped a pledge to ramp up bond buying if the european economy deteriorates. the bank of japan meeting before his new term begins, the boj left policy unchanged. where does the market expect inflation to go from here? dani joins us now. i want to start with you, what is the latest reading for the global growth picture and what are the expectations? dani: again again we have heard this phrase of synchronized local growth and that has really propelled markets. about this truck with me -- chart with me that there's a little bit of caution to that story. before we had prices moving ahead with most major

china's central-bank. the long serving governor will take over at the people's bank of china. gn that china wants policy continuity at the bank. he has indicated that he will push to maintain the course set by his predecessor. the saudielings from billionaire who was detained for a number of months in that anticorruption crackdown. he spoke to erik schatzker next close of interview -- in an exclusive interview. >> unfortunately, i was out of fortunately, -- unfortunately i was part of that group but fortunately i am out now. i forgive but don't forget. taylor: we will be airing that full interview tomorrow. global news, 24 hours a day, powered by over 2700 journalists and analysts in more than 120 countries. i am taylor riggs, this is bloomberg. francine: thank you so much. this is looking at the data board, a little movement on european stocks. globally.lining we did see a little pressure coming from asia. investors trying to figure out what they will do with the main risk events of the week. decisions, brexit talker -- brexit talks. 106.1. guy: 106.01. hammerson and clip be a

the governor of the people's bank of china have said market access reform should be accelerated and the country can be marbled when opening the economy. policymakers are now more focused on achieving quality growth, rather than the pace of expansion. this came with china's factory inflation easing amidst the week long lunar new year holiday. u.k. officials do not expect to clinch a break the deal by the end of the year. january could be the real deadline. that is according to people familiar with the negotiations. the european union chief negotiator michel barnier has long said he wants the agreement done by october of this year, so there is time for it to go to the european and u.k. parliaments for approval. david davis has indicated a public that the timetable could slip. john mcdonald has told bloomberg he thinks the british government needs to face up to the reality of the thorny irish border issue. >> i think it is almost inevitable. i would rather the government face up to the inevitability now. i do not see another way of that being secured. the axes that we want and the position

china naming ng to succeed at the people as bank of china. finance ministers heading to the g-20. tensions high on the list. in hong kong, i am richard. >> and i am caroline hyde here in sydney. >> home prices rising in fewer chinese cities. the government's deleveraging drive look to go calm the market. this is "bloomberg markets: asia:. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org >> it is official. yi has taken over as the new governor. he is the current deputy governor, essentially working under the covered governor for the best part of a decade. it tells us that continuity is the name of the game. he will be reporting to others. etting other appointments. ong ge staying on as chinese minister. it was a pretty fast vote there. not much contention. >> no, not really. indeed, the second term as well. we also have an eye on these political wranglings taking lace and problems facing xin xo. trading day getting under way . jakarta a negative mood with stocks under pressure. >> we are seeing p

michael: we know he did speak to the head of the people's bank of china, the outgoing people. here. was not a representative from the finance ministry at the secretarial level. there were lower level officials. the bankuchin met with and told him that the u.s. and china needs to work together to solve the trade problems according to a u.s. readout. he emphasized as he did with others that they needed to work with the u.s. to solve the north korea problem. no details on what they asked of the chinese. it was prominent in the statement. scarlet: great context to michael, bloomberg's economic and policy organizer joining us at the g20 meeting. facebook is not the only social media company feeling the heat. shares of twitter following the most in almost eight months. off by 12%. twitter is our stock of the hour, next. this is bloomberg. ♪ ♪ the bloombergr business flash. a look at the biggest business stories in the news. sam zell expects the u.s. retail market to fall even further. he spoke today to bloomberg tv. when you talk about retail in the united states, we have three or four ti

all long serving deputy governor will take over at the people's bank of china. it is a sign that it is wanted that there be continuity at the bank. continue the measures of his predecessor. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. citye: 10 a.m. in new york , 10 p.m. in hong kong. on vonnie quinn. -- i am vonnie quinn. shery: and i'm shery ahn. welcome to "bloomberg markets." ♪ from bloomberg world headquarters in new york, here are the top stories on the bloomberg around the world where following. facebook tell more than 5% as american and european officials demand answers to reports that an advertising firm retained information of millions of facebook users without their consent. in principleement -- the eu and the u.k. have agreed on a large part of the brexit transition deal, but issues still hang in the balance including the northern ireland border. and apple buyers beware -- -- apple suppliers beware. another push for independence. we will bring you the la

. >> the new governor of the people's bank of china who spent 14 years of education in the united statesthe new governor of the bank of china, maybe there is some common ground to talk about that tell us about gregg hayes' interview. we can listen to what he mentions of the possible break up of the company. >> i heard of a lot of investors today some of them say absolutely you need to break up the companies because elevators have nothing to do with jet engines. other - you will lose some of that if you break it up. it is something that we need to think through and the process and we owe investors an answer by the end of the year >> owe investors answers by the end of the year. what do you recommend it will be >> i think it is going to break it up if the stock is not going to move. we are going to do what's right. the board is brilliant and people understand whether or not it will make sense and what elevators had to do with climbing and control and if the stock stays right here, i think they'll take action i think the risk here are not nearly as good as the rewards. >> very nice >> thank

the people's bank of china, the financial regulators. also see some new vice presidents -- vice premiers appointed at this meeting. an important economic advisor to she jinping -- xi jinping. rishaad: definitely his profile has been raised. tim: he went to davos this year as china's representative. he has just been to washington.he could be a vice premier, even the head of the central bank. tohaad: his term is coming an end, so there we go. tim: it is time for a new head of the pboc, and it has been difficult for the leadership, to work out how to manage that transition. a a few other names have been in the fray. he seems to be on the rise. rishaad: is it just moving the deck chairs, or sending a message? tim: a couple messages. one is a sort of political message that governance needs to be improved. xi jinping saying we do not have the right structures in place, still too much inefficiency and corruption in the system. the other message is about reform, and that is partly reforming government, but i expect we may see more of an the exce

the key ally of xi jinping is said to be party secretary at the people's bank of china. stries and state owned companies have such a person to communicate official policy report on performance. the incoming pboc governor will ease of the financial sector and introduce currency reform. toalso pledged to meet defuse risk. risk to threaten china, i think the current banking system in sure it and securities markets and the controls in place leave china well-placed to mitigate those risks. yvonne: president trump is expected to take aggressive action against russia later on monday. of diplomatssion following the nerve attack on the former spy in the u.k. this will provoke action from moscow but align the u.s. with european allies. several countries will announce their own expulsions of russian diplomat in concert with the u.s.. leader hascatalonian been arrested. the living -- the man has been living in olson's the declaration of independence -- the man has been living in exile. he has been traveling around europe to press the case for catalog independence. independence. apolo

vonnie: the national people's congress of china voted to approve china's new central bank governor. >e appointment is a signal of continuity. speaking to journalists following his nomination, yi gagnng said his priorities would include financial sector stability. further moves to open up the markets and a prudent monetary policy. a man who worked as deputy governor and pushed ahead with reforms including the liberalization of the interest rate regime and steps to liberalize the currency. he will face challenges as head of the pboc, not least ensuring that china's debt remains under control without growth falling off the cliff. potentially looks to take steps to liberalize the currency without triggering outflows. calibrate the pboc policies to the federal reserve. those are a number of issues that the new pboc governor will face. investors are likely to welcome this nomination giving he is a known quantity. time for a look at some of the biggest mark: business stories in the news right now. at at&t begins squaring off in court. administration will make the case against the telecom com

week, we have a pair of rate decisions coming from the european central bank and the bank of japan. we have the beginning of the national people's congress annual meeting in chinaobs report, and the italian election. still with me, henry peabody, matt toms, and lori heinel. lori, why are we so calm about the italian election? lori: i think we have just become numb to things that go -- that happen in the continent. realistically there are not a lot of great choices there, and we think it will be status quote prevails, but not without a lot of drama. jonathan: henry? henry: we are at a point in time where europe is starting to call us around the idea of a multistate situation, which gives us a sanguine view of it, and lori's point, probably the same, it seems like extremists are not going to take too much of a chunk in that election. jonathan: matt? matt: i think part of it is crowded out by noise from the u.s. political framework. some fireworks, and compared to italian politics, we win. i think the markets have grown numb to these things figure in itself out. if you look at teresa's mate -- theresa may's speech today, it says nothing about brexit, so it is unli

have rate decisions coming from the european central bank and bank of japan and wept the beginning national people's congress meeting in chinau.s. jobs report, and the italian election. still with me, henry peabody, einel. and lori f why are we, about the italian election? realistically there are not a lot of great choices there, so it will be status quo them up without a lot of drama. henry: we are at a point in time where europe is in a multistate situation which gives us a sanguine view of it, and lori's view, probably the same, it seems like extremists are not going to take too much of a check in that election. matt: i think it is noise from the u.s. political framework. some fireworks, and compared to italian elections, we went, and they have gone numb to figuring this outcome and easy the reason may's speech says nothing to brexit, so it is unlikely to see major change, but the ecb dialogue is important. concluding that the situation politically speaking as so messed up we can't get anything done, so it doesn't matter who gets and because won't able to get anything done, therefore none of this ultimately matters, but f

is developed out of africa exam bank which is owned by china mainly is giving billions of dollars to local banks to ensure that this agreement happens china's annual national people's congress has wrapped up with a warning from the president against anyone attempting to as he put it divide the country she sent a strong message to self government taiwan injuring the two weeks that condemning moves towards independence from china the congress also saw an end to the two term limit on the presidency i mean she was expected to end in twenty twenty three can stay in power for life. in the fears of the will of the people and the trend of history and actions and tricks to split china are doomed to failure and will be met with the people's condemnation and the punishment of history. i guess and sick and tired take place here the size of france is melting faster than expected as far king fears it will cause sea levels to rise scientists say a large part of the top plaisir is sitting direct on top of the sea enabling warm currents to melt from below if it melts completely well and sea levels would rise by at least three metres. species of rhinoceros is a step closer towards e

bank of japan. we also have the beginning national people's congress meeting in china, the u.s.port, and the italian election. still with me, henry peabody, matt toms, and lori einel. lori, why are we so home -- so calm about the italian election? lori: realistically there are not a lot of great choices there, and we think it will be status quote prevails, but not without a lot of drama. henry: we are at a point in time where europe is starting to call us around the idea of a multistate situation, which gives us a sanguine view of it, and lori's view, probably the same, it seems like extremists are not going to take too much of a chunk in that election. matt: i think part of it is crowded out by noise from the u.s. political framework. some fireworks, and compared to italian politics, we win. they have gone numb to figuring this outcome and easy the reason may's speech says nothing to brexit, so it is unlikely to see major change, but the ecb dialogue later this year is likely important. jonathan: i am struck by how sensible markets are behaving around italy, concluding that the

. >> turning to china where economic leaders are moving away from the country's previous strategy of growth based on credit. governor of the people's bankspoke on friday suggesting beijing will be more cautious with spending this year. markets are concerned cutting back on stainless could slow not only china's growth but the entire world. wants to cut down on public and private debt. >> we now emphasize the new standard for the economy switching from high quantity growth to high-quality growth. the past high-quality model is reliant on the accumulation of capital and investment to stimulate growth. in pursuing the direction of high-quality growth now, we will be reducing reliance on the old investment growth model. >> time for a check on the markets. european indices slumping. investors looking ahead to a big u.s. jobs report. plenty of concerns over the trump terrace weighing on the markets -- tariffs weighing on the markets. showing an unexpected slowdown in french industrial output. german posting their biggest slide in seven months. businessk at more top headlines. the japanese steelmaker appointed the current executive vice preside

china. you could see large banks, systemically important banks, potentially, being exposed to non-performing loans. and you could have a financial crisis. - [narrator] china's population is aging, meaning the number of people entering the workforce has slowed, placing a burden on the government's ability to look after a huge swathe of the population. - china's demographics represent a major challenge to chinese economic growth as well as potentially to social stability and to the political system. this is something that china's leaders are well aware of. they have made very profound adjustments to the longstanding one child policy. - if they get old before they get rich, they're not going to be able to support their aging population that it used to be you had so many children who were supporting the retirees. it was no problem. but it's now dropped down to two workers for one retiree. and obviously, the one child policy has had an enormous impact on that. - [narrator] far more than just an economic plan, the belt and road initiative may be driven by beijing's geostrategic goals. - there is a fairly strong perception in the united states and in the west that china seeks to create a new replacement set of ec

of the people who could replace him, let's go through them. the first is at the top of many lists. a banker by trade, a former executive at china development bank also said to be shortlisted. he may be picked instead to be the pboc party secretary. we have to wait as well. he is a former stock market regulator and former pboc deputy governor and currently the banking regulator. candidate,t another xi jinping's most trusted senior economic adviser. what we are hearing is that he might be slated to replace the head of the financial stability and development committee. the other name we have to mention his the deputy governor of the pboc. me, we have a different environment should there be a new governor to work within after term limits were removed for the president, or will be moved for the president npc. at that in pc -- how does that change the narrative? it will be and the hands of 1-2 men. >> one of the things that zhou has come up against our ideological differences. the pboc is not independent of the communist party. it carries out the marching orders of the party and the government. on more than a few occasions, zhou has battled the ideol

. >> one of the big headlines, he's becoming the governor of the people's china, how much clout does that bankdomestically and internationally? he's got less wiggle room, hasn't he, ultimately? >> you're right. you're pointing to a slight dichotomy this egovernor has less space to play. he's got deep experience being at the central bank since 1997. he's the deputy governor for over a decade. he's going to be able to execute policy bus he's seen as being less likely to be framing those policies. that task will be led by leo hur and president xi will be overseing the efforts. but the pboc itself is a more powerful institution than it ever has been and it's been ven additional -- [no audio] >> that was our correspondent in beijing there. as the national people's congress wraps up. we've got more to discuss on this with our economic chief strategist coming up next. >> and china's real estate developpers, why analysts are less enthusiastic about the upcoming set of numbers. ♪ haidi: this is "bloomberg markets asia." rishaat: we talked about the national people's congress, it's a body of congress th

bank of china, and another potential u.s. government shutdown that not many of you will be paying attention to. still with me bob michael from j.p. morgan, kathy jones from charles schwab and doug peoplesliancebernstein. kathy do we assume that the , federal reserve next week grants from three, otherwise cointreau? kathy: you need four dots to move to get the median to move up. i think it is doable. i think it is possible assuming , that powell is one of them, i think we could see the dots grind up a little bit. jonathan: doug? doug: i think we are going to certainly see some sort of entering higher in the dots very they should be moving higher, but i think the real story is the market is coming up to meet the dots. it has been a long time since we have that in place. jonathan: without much encouragement either. it just kind of happened. bob, incredibly enthusiastic in the last 25 minutes, but isn't -- as a central bank or, isn't it most prudent to have optionality as a central banker and leave the upside risk of a four rate hike move further into the year and just leave it at three? bob: i think they will leave it for hikes this year. three we are interested in the longer term dots. w

the billion trillion dollars of debt it's not just about the banks it's not just about the government it's about real people. paving the way for a new era of votes in china's national congress could keep season playing and power indefinitely. of them are a colossal this is our life and also coming out.

of deals going on all over the place. and financing from china, apparently some discussions with russian banks. jared kushner and his family owe money to a lot of peopleeople have been going into the white house, apparently trying to get various favors from the united states government. so this vancouver operation is just a piece of a much larger puzzle. they reek of conflicts of interest. that's because they wouldn't sell the businesses upon entering government as others do. the ethics lawyers advised them to sell the businesses. they didn't want to. they want to run the business and collect money all over the world while they're working for the government. and of course that's a rest pie for corruption. so somebody is going to be offering payments and it's nothing but scandal. and meanwhile jared curb in ner can't get a security clearance because of mueller hot on his tail. it's not a good situation for them. they don't belong in the white house. >> and this news about ivanka comes on the heels about jared kushner's family, his real estate company searching half billion dollars in loans from companies he met with in his official capacity as a white

of the national people's congress. i'm concerned how that might or might not affect investment in china. this consolidation of bankse companies. where does that indicate china is going with respect to those industries may be opening up to markets and opening up to china and financial institutions? mark: i think they realize two things. s of this world are beginning to take over the banking functions. you do not need a credit card now. you don't need cash in china. that is one factor. the other factor is that they realize that some of these institutions went far beyond where they should've gone in terms of lending, in terms of financing, and they have to bring it together again. they have to have some kind of regulatory institution that can control the entire sector rather than just individual parts. david: if you are a western investor looking at china, does that create an opportunity when it comes to the banks or doesn't pose a risk? there's opportunity that they are opening up and would like more investment and a risk in terms of using your cash to finance bad loans. mark: i think it's an opportunity because the