tv Bloomberg Daybreak Australia Bloomberg April 12, 2021 6:00pm-7:00pm EDT
haidi: good morning and welcome to daybreak australia. we are coming down to asia's major market open. shery: good evening from bloomberg's world headquarters in new york. haidi: the zero top stories this hour. a bloomberg scooper reveals the u.s. will hold off on naming china as the currency manipulator. it allows the biden administration to sidestep a fresh clash with beijing. and group will drastically
restructure its business. the u.s. stocks, investors weighing our earnings and bond auctions. shery: this is the picture across wall street. we had u.s. stocks are retreating from record highs in the u.s.. investors weighing the start of the earnings season, not to mention an influx in bone the supplies. we are seeing u.s. futures unchanged at the moment. nvidia saying it is the first processes that will extend the push into intel's market. treasury auctions. the 10 year yields were up to 167. we have another 30 year bond a sale tomorrow. oil finished higher. right now under pressure.
paring gains in the regular session. prices struggling to break out of the recent trading range. berg has learned the sec -- bloomberg has learned the sec is telling accountants -- coming from the special purpose acquisition company's and reporting considerations. this was a record-breaking 2020 and the spac market has been booming in 2021. 300 spac's raising $90 billion in cash. the sec stepping in and trying to tamp down that fervor according to sports -- to sources speaking to bloomberg. sophie: watching for see if those lines on specs have any effect in asia. we are setting up our start for the region.
this after stocks cap to a two day drop. aussie futures have set up higher. the aussie dollar trading sideways ahead of a weekly wages and jobs report. seeing a brightening picture ahead for jobs. the year end forecast to 5.5%. the rba is ahead of other central banks. bond traders test to yield control. we will be getting chinese trade figures. we had the 500 closing above 5000 on monday. china pledged to curb commodity inflation. the index looking to test its 200 day moving average. concerns that tightening will be on the horizon. we did get credit data on
monday. showing that banks put out record lending for march. the pboc did say credit supply is appropriate and monetary growth is reasonable. checking in on offshore yuan today, it is holding onto monday's gains. holding below the 655 level. this ahead of the u.s. treasuries exchange report. haidi: staying on that report, we have the bloomberg scoop. sources say secretary janet yellen will decline to name janet yellen as the currency manipulator and is weighing reversals of trump era policies. what kind of changes is she reportedly considering and does the data back it up given we have seen relative stability in the chinese currency anyway? >> absolutely. so far, there are no indications for the rest of us china is --
it's currency. the treasury department is likely to say as soon thursday they will not be designating china a currency manipulator. a lot of people might remember under hank paulson and secretary tim geithner or during the global financial crisis when there were a lot of clear indications china was intervening in the currency, they declined to designate china as a manipulator to maintain diplomatic ties and under president donald trump in years past even though there were no clear signs of currency manipulation, that tag was applied. janet yellen is seen to bring some intellectual have to back to the report. shery: what about right now? how is the yuan doing and can china be seen as manipulating it's currency now? >> one thing that treasury is looking at according to sources i spoke to is that they are looking at state owned banks in
china to see if some of the intervention activity is being disguised or amassed by some of these -- or masked because of these banks. the other thing to consider is the undersecretary during the trump era in may 2019, the currency policy report was expanded. it was easier to trigger the manipulation designation and more countries were scrutinized. now secretary yellen is considering some time to reverse that decision and tighten the lens through which they review nations.shery: the latest on tht currency manipulation report coming up. jack ma's ant group will revamp its is this. -- its business.
tom mackenzie joins us from beijing. both ant and the regulators confirming these changes. what do we know? tom: it largely aligns with bloomberg's own reporting. we know the pboc, the banking glitter amongst others and essentially dictated the terms of this restructuring to the executives. there are going to be five key areas that aunt is -- that ant is going to have to address including what regulators described as unfair competition in the payments part of the business. they're going to have to improve corporate governance, manage liquidity's. they're also going to have to cut the value of their massive money market fund. as a result of all of this, ant financial will be put into a financial holding company and it will be regulated and supervised
much more like a bank. what this means for the company going forward is growth is going to be constrained according to experts bloomberg has spoken to. the question is, when will this company ipo if at all? the ceo has committed that will still happen but it could have been pushed back further because these measures the regulators have imposed on the company are seen by many as being stronger than expected. this company will now be supervised much more like a bank. haidi: speaking of the broader banking sector and economy, we have the recent data showing chinese banks extended a record amount of loans in the first quarter. are we expecting to see more action from the pboc on this? tom: good question. 1.2 trillion u.s. dollars worth of loans. a record for the first quarter. it ramped up in march.
8% overall above 2020 levels when the pboc and authorities were pumping liquidity into the system. we know the pboc has leaned on the banks and said you cannot extend more lungs than you did -- more lungs than you did in 2020. it does show there is demand for that lending. it does dovetail with the strength of the economy as things continue to rebound and repair. it is worth pointing out in terms of aggregate social financing, that came in below the forecast. it was up on february but below the forecast. money supply slowed pretty sharply. the view from bloomberg economics is that you are probably going to see the pboc ease off in some of these steps to withdraw liquidity from the system. overall credit is lower than it was in 2020.
haidi: you have a lot more china data out this week. gdp at the end of the week. we are going to get more analysis on the face of alibaba and ant. let's get you over to vonnie quinn with the first word headlines. vonnie: president joe biden told more than a dozen ceos he has bipartisan support for funding to address the chip shortage. during a virtual summit with companies that included alphabet and gm, biden read a letter from lawmakers supporting his proposal for manufacturing and research. german chancellor angela merkel's succession took a turn. bavaria backed its chairman, turning its back on the larger
cdu. the move sets up a tense showdown months before national elections. russia has suspended most air travel with turkey, citing rising covid-19 infections in russians returning from the country. it comes a mid a spat over anka ra's support for ukraine. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haidi: don't miss the big interview. coming up, we'll be speaking to the ceo of a sydney based payment company. shery: we do have the brazilian federal bank president joining us to discuss the country's economy and interest rate.
>> this growth we are expecting in the second half of this year is going to be very strong. >> i think there will be more inflation in 2021 than what we have seen in recent years. >> headline inflation is going to likely move above 2%. >> i am bullish on the rebound. i know we have a long way to go. >> we want to re-center inflation expectations at 2%. >> we expect most of that to be transitory and for inflation to return later this year to around 2%. >> we want inflation to average
2% over time. when we get that, that is when we will raise interest rates. haidi: fed officials reiterating the commitment to 2% inflation ahead of the cpi print on tuesday. celebrating inflation and potentially rising yields could start to threaten the tech rally as valuations continue to look stretched. this as we saw some other performance in the tech sector today. let's discuss this with the wheelhouse group chief investment officer. it is not just the valuation concern. perhaps also the regulatory concerns? we were listening to the alibaba ceo. he was talking about how regulation is a global trend. will this be an issue? >> i think it is interesting. the stock responded favorably because the fines came in lower than expected. on the one hand, regulatory can
be something that -- on the other hand, it can be a fuel to the fire. if you look at the infrastructure summit that happened today, there is a focus on trying to make sure there is stimulated manufacturing and greater chip manufacturing in the u.s. regulation could be tech's friend. shery: when it comes to the infrastructure summit, there has been a focus on this global shortage of semi conductors paired with the biden administration plan to invest more, we are you seeing the opportunities? >> i think chip independence is the new energy independence. the intact -- the impact is going to go beyond players such as nvidia and intel. things like virtual reality or augmented reality where it is difficult to get mobile functionality without things like 5g. people like facebook, microsoft is one of them. those players stand to gain in
the digital infrastructure. it is really exciting. haidi: are there smaller names in that space that have opportunities? >> i think there are. different times of names. also in the social media arena. people like snap have been doing very clever things in augmented reality. haidi: we have been talking a lot about the microsoft nuance deal. what are the implications for you and what do you see in that space where there could be further developments of the medic story going forward? >> i think the deal is fascinating. it is so clever. you look at the press release. microsoft talked a lot about doubling the addressable market in health care to $500 billion.
there are nuggets that i find quite interesting. microsoft trying to buy tiktok, discord steered a huge reliance on digital and -- this court appeared a huge reliance on video and audio. microsoft is buying one of the players out there. there could be more that microsoft does in the social space. mining audio data. that could be really interesting. shery: we have started this conversation talking about inflation. we have seen companies both on the manufacturing and services side of the economy reporting higher input costs. when are we expecting this to be passed onto the consumer and what does that mean for the consumer place? >> some of the commentary at the beginning, which is that this is going to be transitory inflation. we are going to see it in the
retail space. there will be conversation about cost pressure. one of the things that happens from covid was such aggressive caused programs. some of the best companies in the consumer retail space will keep those down. haidi: always great to have you with us. still to come, blackrock and singapore team up. we'll be hearing from the ceos about the joint venture that is focused on climate investing. this is bloomberg. ♪
the new firm will aim to raise $300 million for a first funding round and 700 million more from outside investors. the blackrock ceo larry fink and thomas ike ceo spoke about their plan. >> to properly address the issue of decarbonization, we're going to have to think about new technologies. we have the technologies but those processes whether it is green cement or green hydrogen or so many other things that emit carbon, the cost to do it green is very expensive. to truly get to a net zero world that is way beyond electric vehicles, solar, and wind.
hydrocarbons are very cheap. hydrocarbons are cheaper than a bottle of water. >> a few nuts and bolts questions so people have a sense of scale. what are each of the two partners bringing to the table here? will the joint venture have its own staff, how many people will be involved? >> we are focusing on investment activities across a broad range of sectors where we think we can make a difference and where they can make a difference to reducing carbon emissions especially as we aim for a net zero world in 2050. blackrock has a strong data analytics model embedded in their system. they have the ability to source like-minded investors to join with us ted they also -- with us.
they also have access that are able to not just bring solutions we think are needed to those are companies -- needed. >> what does success look like for this venture? are there kpis? is there a targeted return and a key question i will add to that, are you willing to accept a lower return or take on more risk in order to increase the impact on carbon reduction? >> the first objective we seek, which success should be determined by is the evolution of innovative solutions of the decarbonization process. if these solutions can bring down the carbon abatement cost curve, we will see commercialization implementation. that is the first sign of success for this joint venture. tied to that is the need for
financial return. in order for this to have a journey where it can go on for a significant time, we have to be disciplined in how we make these investments and focusing on getting the right returns so we can encourage others to do as we are choosing to do in this joint venture. we are not going to look at sacrificing returns in this area. we believe at the end of the day, the returns will come. we may have to wait for a longer period given the element of this partnership, but we do believe the returns will come. as we have seen in other sectors. >> can we put a number on the targeted return? >> we have a targeted return in line with most early-stage funds, which is 20% ir. we are seeking to get that over
a reasonable period of time. >> part of the plan is to raise money from other investors. if you are successful in that endeavor, how big do you think this could get in terms of the um? >> the first pool of money should be no larger than 5 billion. we are going to be testing this. we are going to be building it. we have proof of concept. then, we will see. a $5 billion early-stage, late stage fund is a large pool of money. some of the investments are going to be quite small. some of the investments will be much larger. it is not tens of billions of dollars. it may lead to those types of investments but it is not made to be that large-scale in the early beginnings of this venture. shery: blackrock ceo speaking
exclusively to erik schatzker. a quick check of the latest headlines paired hsbc has reached an agreement with huawei over documents related to the extradition case. the bite -- the bank says it has agreed to absolve legal proceedings in hong kong. the huawei cfo says the documents show she did not mislead lenders into handling transactions with iran that violated u.s. trade sanctions. microsoft has made a massive that on the health care ai technologies. it has confirmed it is buying nuance communications. it is the largest acquisition since 2015.
>> you are watching "daybreak australia." i am vonnie quinn with the first word headlines. the u.s. secretary --beijing is masking true activities at state owned banks. that yellen's report is due thursday although it has not yet been finalized and it is unclear when it will be released. yellen and her team are set to be rolling back some policies. the london mayor is urging residents who work or live in parts of the city to get tested for covid-19 after an outbreak
links the south african variant. anyone over the age of 11 should get tested as soon as possible. the appeal comes as the u.k. reopens restaurants, gyms, and hair salons after months of stringent lockdown measures. iran is claiming israel for an attack on a power grid. the move comes at a delicate time, with internationals trying to reinstate the nuclear arms record. tehran says centrifuges were damaged. israel is neither confirming or denying any involvement. president biden called for calm in minnesota after an officer shot and killed a 20-year-old black man during a traffic stop, leading to protests and clashes with police. he called for a full investigation into the desk. body cam footage indicated the officer shot him with a gun instead of a taser. his death comes as derek chauvin
stands trial in minneapolis for last year's killing of george floyd. harvey weinstein is facing extradition over a newly filed indictment but his lawyer says he cannot travel because he needs medical treatment. he is serving 23 years in a new york prison after being convicted of sexual assault. the latest charges involved alleged assault brought by five women. his lawyers have 30 days to challenge the extradition. global news, 24 hours a day come on air, and on bloombergquint take, powered by more than -- global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> james bullard spoke exclusively to kathleen hays about the u.s. recovery. >> i put down six point 5% growth for 2021 for the u.s.
economy. that would be one of the fastest growth rates we have seen since the mid-1980's. really outsized growth for the u.s. economy. that's what we are expecting so let's hope that that actually transpires during 2021. kathleen: if you are doing those gdp protests and unemployment for the march meeting which i assume you prepared a little bit ahead of time, a month later, given the rapid pace of the vaccine rollout, given that that additional $2 trillion of stimulus passed after the meeting, would you be inclined to maybe make those numbers a little bit higher? james: for me anyway, those things were baked in. i would think that congress would pass the bill and the president would sign in and i thought that the pace of vaccinations would pick up as it has and that the rollout would
be fairly successful which it has been so those things are on track as far as i can see. kathleen: chair powell said the principal risk to the economy is that the virus would spread again. vaccines are rolling out. more quickly every day. how big is this risk? will spreading the virus hurt the economy if it doesn't mean spreading lockdowns? james: you would have to ask the epidemiologists what they think their risk is. if you talk to them, they warn about downside risk, so we will keep an eye on that. we will keep track of it. i do think that the vaccine strategy is working so far. i do think that so far, we have been able to handle other variants of the disease. you are not really hearing any
reports of somebody who was vaccinated and then getting sick again and getting very sick and dying. if that is to develop, that would be a major issue. i take some heart from the fact that we have managed to bring other diseases under control through the last century or more so i am hope that this vaccination strategy will work this time as well and we will get a good outcome in the u.s. and bring this to a close. kathleen: the big focus to the markets, and the federal reserve closely as well, is this pi report tomorrow, and we are all expecting that the base effect, the year-over-year comparison of where prices are now compared to a year ago, when they fell so much, when the law downs hit of course, is going to create now by comparison an extra big spike in the march numbers.
are you going to dismiss these numbers, any strength you see there, because of these base effects, these distortions? kathleen: it's going to -- james: it's going to be very hard to interpret no matter what the number comes out to be because you have this year-over-year comparison that's going to be really outsized. i think, you know, we are in a period of a lot of uncertainty around inflation. the gust has to settle a little bit before we find out where inflation really is and that will probably happen later this year. you certainly do here anecdotal reports about supply chain bottlenecks and certain prices seem to be, you know, rising fast so we will definitely watch that but whether any of that is really underlying inflation is a good question. shery: james bullard. do not miss an exclusive
interview with the brazilian central bank president as well. roberto will join us to discuss how the pandemic is affecting the economy and the interest rates. brazil was the first major economy to hike rates since the onset of the pandemic, tuesday evening in new york, six: 30 a.m. on wednesday in hong kong. staying in south america, we are getting the latest lines from ecuador's president-elect, seeking national unity when it comes to forming its next government. ecuadorian bonds, you can see that rallied after he won the presidential election with a late surge in support. it was a massive really for bondholders. they bid up ecuador's benchmark notes. they restructured eight months ago, now saying they will not raise taxes to meet imf targets, reiterating a campaign pledge, aiming for new oil contracts to
double oil output as well. haidi. haidi: we do have some more lines coming out from the fed. this time coming from boston fans -- saying they are taking the risk of not getting to inflation to 2% seriously. they are making these comments in a bloomberg news interview, saying that he's reasonably confident on inflation will be at 2%. they will take risks seriously. the boston fed leader is not currently a voting member of the federal reserve market committee but of course, at the last meeting, they maintained their near zero short-term interest rate setting, penciling expectations we will not see a rate hike until 2023. we heard from jay striking an optimistic tone, saying we are at an inflection point when it comes to the economic recovery. we will be monitoring policy settings very carefully.
think we can really get things done for the american people. shery: president biden reassuring companies he has bipartisan support for government funding to address the chip shortage. in fact, we will have more on that summa in a moment but first, a look at nvidia shares, which jumped after the company unveiled its first server microprocessors, chips that handle the most complicated computing work. the move extends the push into the most lucrative market. an analyst says nvidia is "starting on the road to data center domination." he joins us now to explain. >> nvidia has dominated one category of the data center chip market which is in the ai space so chips that predominantly deal with artificial intelligence workloads either in training or
entrance are mostly nvidia chips but if you look at other chips that deal with computing, they are predominantly intel chips. with nvidia, they were trying to expand out of its own ice cream flavor, if you may, with the analogy, into other ice cream flavors. now, they have advanced that capability even before the deal is consummated and they are making core server chips and this allows them to expand their workload capabilities and quite frankly expand the market. haidi: in terms of this chip summit, we are hearing from president biden that there will be adequate funding in terms of companies that are vying for desperate supply of these materials.
anand: look, i mean, i' know if president biden or any other elected official can do anything about this in the near term. in the long term, we expect that the u.s. will expand its regional manufacturing stateside. it is the dominance that has occurred over the last decade. tsmc. we think the government can play a role with funding incentives, etc., in the long term plan. with respect to the near term chip shortage, to be quite honest, i don't know if there's anything anyone can do. it's not about funding. it is about near-term production and there is only so much to give with demand so far outstripping supply so i'm not sure anything can be done about that in the near term. shery: anand srinivasan, head of
bloomberg intelligence. let's get some morning because ahead of the asian trading day with sophie kamaruddin in hong kong. india's covid cases have surpassed that of brazil. what is the outlook when it comes to the indian economy? >> we have the former rba governor warning of a taped recovery in india which will hit the most hard-hit during the pandemic as inequality is seen rising. at number out, it has downgraded the gtv forecast on the anticipated drag of momentum from the rising infections. 11 point 5% this year, down from an earlier estimate of 12.4%. as for the rbi's response, nomura expecting it will support growth and therefore tolerate higher inflation. flipping the page, while they did stay within the rba target range in march, it did surprise
to the upside. barclays is expecting that last month could mark the peak for consumer prices. headline cpi moderating to four point 2%, reflecting the reversal of base effects we saw with lockdown so the supply chain. shery: what is the sentiment for indian assets? sophie: a steep drop-off. the nifty in the sensex falling within 3% while the rupee slumped to an eight month low. that could add to cost push pressures and stoke inflation. over at barclays, analysts saying the currency's drop may be short-lived on anticipated rba support following the buildup and foreign reserves so barclays recommending going longer rupee. the currency market closed tuesday and wednesday for a bank holiday in nds so we will be looking to thursday for reactions in the currency, haidi. haidi: let's get back to the
virus and vaccine rollout. vaccine doses have been administered across 154 countries according to the latest data from bloomberg but concern is mounting that china's vaccines are less effective at calling covid, raising questions for nations that are depending on the shot. that's bring in a doctor who is a physician at brigham and women's hospital at harvard medical school. -- let's bring in a doctor who is a physician at brigham and women's hospital at harvard medical school. you see a pretty uneven pace of vaccine rollouts globally. are there concerns that until the world comes to some level of herd immunity that everyone is still at risk from the virus? >> thank you so much for having me on. i think that is absolutely true. until you are safe everywhere, it's going to be hard to be safe anywhere. the vaccine rollout has been
very inequitable. we have 788 million shots distributed worldwide and there are some countries that have seen no vaccines at all so absolutely, this is an ongoing issue and should be at the forefront of our pandemic response. >> as a physician, when it comes to the risk-benefit analysis of the vaccine, it's obviously different if you are an australian person. we don't have many cases at all. we probably will not be fully vaccinated until next year and there has been a priority given to the pfizer vaccine over the astrazeneca vaccine, but for most other nations, where there is an outbreak, is any vaccine better than no vaccine at this point? dr. karan: how vaccines are excellent. right now more than ever before, we have had an immense amount of attention on every single adverse event. the news media picks up on it, headlines about it. that's true with many
medications, you have adverse events happen. they are very rare and the benefit outweighs the risk. with the astrazeneca vaccine, you mentioned there's some side effects that are catching more attention in the media. 100,000 recipients or so have had blood clots. this can happen and we are noting it is happening but the vast majority of people, the vaccine is way higher than the risk of any sort of adverse event. only for very young people in areas with extremely low rates of covid was there some suggestion with astrazeneca where they may be slowing down the rollout. shery: there has been concerned about transparency when it comes to chinese vaccines and russian vaccines. would you still recommend to those emerging economies, those poor nations that only have access to some of the chinese and russian vaccines to take it over not taking any? dr. karan: yes, you know, looking at this, the efficacy
was 79% for sinopharm, -- shery: only 50% with sinovac with the lancet study. dr. karan: with some updates. i would say even with the reduced efficacy for some of that data coming out, remember, with the flu vaccines we had in the past, if you have 50%, 60% efficacy, that was considered very good. now, we are comparing it to vaccines that are excellent, mrna vaccines, with 90%, but still, even 50% will be good. you have to look at what was the reduction in severe cases? not just cases overall. no vaccine, we know what the consequence of that is. getting covid, we know what the consequence of that is. if you are not going to be getting a different vaccine soon, i would get it. shery: can you get another vaccine, perhaps one with a higher efficacy rate, after getting the initial chinese
vaccine was only 50% efficacy? or is there a risk of toxicity or just those chemicals piling up in your body? dr. karan: that's a good question. even here in the u.s., we are not recommending to mix and match m&a vaccines -- mrna vaccines. what you are asking about is if you mix something like the sinopharm, which is inactivated, with a completely type of -- a completely different type of vaccine. we would be very cautious with that. haidi: are we getting confused between efficacy and effectiveness? whether it prevents you from contracting the disease and preventing some of the most severe symptoms. dr. karan: absolutely. when we first came out and we were talking about efficacy of the vaccine, people were saying 95% and taking that to mean 95%
of people are fine and 5% of people have something happen to them. no, efficacy is comparing if you get a vaccine versus a placebo, when you look at the vaccine and number of events, you had no severe, very few to no severe events from these vaccines. very few to no hospitalizations or deaths. when you see the effectiveness in the real world, we are seeing excellent results there, also. >> really great to have you with us. dr. abraar karan, a physician in harvard medical school with us. still to come, no love for ev's in australia. we take a look at the country's hostility towards electric cars. not even tesla can overcome. this is bloomberg. ♪
shery: electric car makers usually thrive in the world's richest nations but this does not seem to be the case in australia where even tractors outsell ev's. let's cross over to angus. it feels like we are living in a country where it's probably one of the few places in the world where you are disinvest and devised -- this incentivized from -- disincentivized from going green. >> the numbers where we are
seeing electric vehicles make up 0.7% of new car sales in australia and compare that with other countries, the u.k. and the european union, that figure soaring to more than 10% and it has got so bad that global carmakers are either delaying new releases in australia or skipping the country entirely in favor of jurisdictions that have more aggressive emissions targets or giving out subsidies for electric vehicles and that's so poor here largely. shery: what are the long-term applications for this in australia? angus: that is a good question. long-term, the country risks becoming the kind of junkyard for unwanted electric vehicle production because the priorities for global carmakers are fully committed to technological upheaval, countries which subsidize.
pick is much better. what we are seeing here is a smaller, narrow, more expensive selection of electric vehicles that will only get worse and also coupled with that, charging infrastructure. if carmakers are not throwing electric vehicle production at australia, private companies are not investing in charging infrastructure because of policy uncertainty and that is reflected in the infrastructure we have currently beyond the populated eastern seaboard. really, there's very few places to charge an electric car in australia and without the policy certainty, there is not much incentive for companies to increase investment in that sector. also the issue really is, as haidi nose, has been politicized to large degree here. we are under a conservative government that has a watching
status on electric technology. it has the commitment to get to net zero emissions by 2050 and will not subsidize electric vehicles. it is a political issue for electric vehicles. shery: angus whitley in sydney. we have breaking news at the moment. air canada is now in a packed with the -- pact with the canadian government. they will get access in a liquidity program. this coming at a time when this package was expected to be a mix of low-cost loans and wage subsidies. canada's government has been rather slow to join other major economies in providing financial help to an industry that has been really hoarse by the pandemic. we are hearing about this latest
shery: a very good morning. i am haidi stroud-watts in sydney. shery: i am shery ahn in new york. welcome to "daybreak asia." beijing is set to lose its currency manipulator tag. a bloomberg's group reveals the u.s. will drop the designation for china as the biden administration reverses trump error policies. first alibaba and now ant,