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Thisfficial chinese pmi, is where the distinction is drawn. We can consider it grateful for a little bit of calm. Anna a little bit of stabilization preg20, better than estimates, better than the july number, but not convincing everybody. Manus it has not. Let us take it off. What we have here is the insurance against default. Every single month, every single month for the past five months the market has been adding 2 billion over the past five months, the biggest increase in 59 countries throughout the world. You can say to me , just around 152 basis points, still only 8 probability that china will default. What im trying to say there is momentum. A carriage of travel for default insurance. Anna not the people expecting the Chinese Government to default, but is very few ways to hedge chinese exposure, and if this is on the rise that is of interest to the markets, especially ahead of the g20. The risk radar, positive data that we have had out of china, released the official reading boo

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