speaking to bloomberg, the ceo, sergio ermotti said the swiss national bank's decision to abandon thewould not change ubs's strategy and his clients' demand for euros increased after the move. mr. ermotti: a huge run of swiss clients buying euros. being on their account or drawing cash and buying euros for shopping for holidays. a massive increase of demand for euros. i would call a temporary demand and not structural. guy: china's consumer prices rose at the slowest pace in more than five years in january. factory deflation steep and along -- steepened along with a slump in commodity prices. this gives policymakers the option of monetary stimulus. china's central bank cut interest rates in november and reduced reserve requirements last week. let's turn our attention to our coverage of the british chamber of commerce's annual commerce. anna edwards is at the event. anna: thank you. we've been talking about the relationship between u.k. business and europe. about the infrastructure investment in the u.k.. all those things come together for our next conversation. the ceo of heathrow air

joining us live is sergio ermotti. great to have you with us live.here is a phrase that comes to mind. the skate philosophy. how sustainable -- escape vel ocity. how sustainable is this agenda? >> we completed our transformation last year. i think we still have the strongest capital position amongst our peers. we always say that when we reach our 30% 10% rate, we would return capital to shareholders. we believe that the dividend is a sustainable base going forward. >> there is no iron he in the set of numbers. the investment bank is up 20%. 350 million swiss francs. this is a piece of this bank that is bolstering the fourth-quarter numbers. >> i think the performance not only last quarter but over the last eight quarters, the new model is working. the investment bank is focusing on its clients. it is focusing on velocity of turnover of inventory, serving our clients as i said. delivering returns of about 20% in terms of allocated returns on allocating capital. well above our target. very happy. >> huge volatility in the foreign exchange markets and i