There's so much news happening around the world that we're somehow supposed to stay on top of.

That's why we launched The Big Take. It's a daily podcast from Bloomberg and I Heart

Radio that turns down the volume a bit to give you some space to think.

I'm Wes Kossova.

Each weekday I dig into one important story and talk about why it matters.

Listen to the big take on the I Heart Radio app,

Apple Podcasts, or wherever you listen.

This is a room work surveillance.

China has again and again reacted to hawkish talk from the Fed by allowing more currency depreciation.

Cash is a legitimate asset class.

It insulates you from the clients in the capital markets, both bonds and stocks.

China's not just a commodity powerhouse, driving commodity prices,

it's a manufacturing powerhouse and has been

pulled in manufacturers all through its supply chains in its southeast Asia and East Asia.

Bloomberg surveillance, your link to the world of economics, finance and investment on Bloomberg Radio.

Good morning everyone, Michael McKee and Tom Key and Barry Redholt's in this week.

Coming up, I'm really thrilled to bring you someone who with Paul Wilmot changed quantitative finance, Emmanuel Derman will join us in this hour.

This is going to be a geeky physics hour.

Two hands on the steering wheel for those of you driving.

If you're at your desk children must leave the office as

we speak to Derman of Columbia. We will do that here in a big. David Wilson

shaking his head going, Tom, calm down.

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