>> he is very emphatic on that point, no hard landing. he said we are not in a currency war. remember, zain, this is devaluation of the yuan by the chinese government, this had been telegraphed sometime ago in that they are committed to a reform process which includes making the yuan more market friendly or market driven, if you like. the timing was interesting given the fact that it came as china's economy did seem to slow, which would give it an export boost or could give it an export boost. there was suspicion about the timing. the broader picture is from the china, which is echoed pretty much by everyone at the delegation at the world economic forum is that yes, it's been a tough couple of months. longer term they are okay. one point, which he pointed out, they have 7% growth in the first half of the year. let's assume you believe that