i am rosalind chin. this is "bloomberg best." your weekly review of the most important business news and analysis around the world. let's start with a day by day look at the top headlines. on monday, markets responded positively to news that seems to imply an easing of u.s.-china trade tensions. vonnie: the commerce department announcing the u.s. will review the huawei waiver for 90 days, so companies can continue to do business. >> they have 90 days for a limited part of their business. this extends a 90 day reprieve that applied to existing u.s. customers of huawei, particularly those who run rural networks that depend on huawei equipment. some suppliers to huawei's handset business. we are looking at google and its android software. this allows google to keep updating huawei phones with new security patches. this is a limited move. we need to be careful about over interpreting this. there is still very much a crackdown happening on huawei. in fact, the department of commerce added 46 new huawei subsid

i'm rosalind chin. this is bloomberg.slinda: another escalation in the trade war rhetoric, with china saying looming u.s. tariff s violate accords reached. beijing is vowing unspecified retaliations as pushing back on trump's attempts to link to trade war with the turmoil in hong kong. meanwhile the president says he will schedule a call with xi. president trump: i think we are having good discussions with china. we will see what happens. they had a deal, and then they decided not to make it. i think they would like to have had that opportunity again. we have a call scheduled to president xi. we will be speaking to him very soon. haslinda: joining us is a jp morgan asset management strategist. you have the yield curve inverting this week. how significant is that yield curve for assets? >> it is significant in that it is the signal investors have been looking for. we have been talking about the yield curve inversion, whether it is the two-year or three month spread the fed likes to look at now. investors have been looking

i'm rosalind chin, this is bloomberg. ♪ ♪ emily: i am emily chang in san francisco.owing to slash tariffs and president trump signals that he's prepared to escalate.

i'm rosalind chin. this is bloomberg. >> thank you.me can signal china's determination to manage an orderly currency. the pse said the reference rate at 7.02 against the u.s. dollar. it is largely in line with expectations. surprising, people like some kind of disorderly devaluation, but that doesn't happen. the pbocing is, shocked so many one that yuan go and that really woke people up to the dangers, i think maybe even it woke the pboc up, because it was so disruptive. they have said weaker, but not as weak. even analysts had been forecasting the offshore yuan, what's going on with the dollar more broadly, and what's going on with some of the economic indicators. the fact that they kept the lid on it over the last three days, that is to call markets down. we are not going to see the august 2015 devaluation, which as you recall, set off massive equity markets that lasted all the way through to january and february of 2016. they are not interested in pursuing that, they won't an orderly depreciation in line with the economic fundamenta

paul: rosalind chin in hong kong.some more analysis on this chinese bank earnings a little later with the asian bank research cohead in about one hour's time. china's oil majors wrapped up the first half but rewarded exploration and production and punished refining. postedina and cnooc stronger earnings. sinopec saw profits slide. tom mackenzie joins us now from beijing. run us through the top lines there. china's oil and gas majors have a commitment tee times president xi jinping to increase spending on exploration and production to ensure that china is less dependent on the imports of oil and gas from overseas. they have been spending very heavily. if you look at spending, they have almost got to 50% of their four-year targets. it is normally the second half ex takes up more strongly. it is starting to pay off in terms of production. we have seen production tick up for both petrochina and cnooc. they have also focused very heavily on natural gas promises he next saw a record low -- so cnooc saw a record low. china s

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rosalind chin has been tracking bank results this entire week. the numbers do not look too bad.yn: that's right. they are holding up for the first half. these gains helping net income to grow as well for the past, meeting estimates. consistent that it is ahead of consensus estimates for the full year -- it is ahead of ensus estimates. there's been all kinds of other pressures playing on net interest margins. part of that, when you look at the terminal charts and the valuations dropping and we see the u.s.-china trade war slowing the economy, adding to burdens on chinese banks. there have not been many calls from the government to increase financing to smaller businesses and also cutting financing cost. you see this white line here, for is the average book china's big four banks, dropping to historic lows. : could bank of china be seeing external pressure, to? >> yes. all these places have big exposure to places like hong kong. we look at the board, it shows you what the estimates are. that banks like bank are very expensive in hong kong. bank of china being the most. you will se

rosalind chin is hong kong with the numbers. what are you seeing so far? nd: we are seeing growth in the business. overall profitability growth is hampered by costs in terms of provisions as well and rising costs. revenue is growing robustly. income net interest coming in at 9.8 billion. it has been a surge in charges operating extensions climbing 17% in the first half. net interest margins did whiting from a year ago but it did narrow three basis points in the second quarter, and that of course is the main concern. these margins continue to be squeezed into the second half. take a look at this terminal chart. it does show the second quarter on its own. it shows income growth is there. equity has been falling since 2012 partly because banks have had to raise capital. that improves very slightly in the quarter. shery: how do those results compare with what is expected for china's consumption later today? rosalind: probably, it will be a very similar picture for china consumption bank and the big four banks which will be reporting this week. this shows you th