is professorw jeffrey frankel from the harvard kennedy school. thank you for joining us. the markets just don't believe the tv is see. .ow do they -- and the pboc how do the markets follow when they are looking for a devaluation? guest: i have a different perspective of this that a lot of people. they have not communicated the best and appears to have generated a lot of volatility but if it wasn't this, it would be something else. china has been under strong market pressure downward. the chinese currency for the last two years have been under downward market pressure. they've spent more than $600 billion in reserve to slow down the depreciation, but they have a lot to depreciate from. i don't think it is a big deal. 6% is nothing compared to a lot of other currencies. the euro is down three times that much and last summer. it is really a strong dollar story rooted in u.s. monetary policy. a stronger dollar story might be following this. china travel -- china tried to transfer into an industrial economy. does it help mastic consumption? traditionally a weaker currency does