Epstein Secrets

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis

ange Rate Perspectives The Dollar is Back How China Rebalancing, the Great Rotation to the US and Abenomics Will Change the World Research Team Bilal Hafeez Strategist Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012. Foreign Exchange Glob

David, Head of AWM FX Sales; Bilal Hafeez, George Saravelos, and global team, DB FX Strategists] Equities— Leverage the analysts/strategists within DB Global Markets Research division, Traders, and Equity Capital Markets (Joe Spinelli, CB&S Equity Strategy; Brian Rigney, ECM; Frank Wendels, ECM) Equity Derivatives — Greg

th Management): FX — Number 1 in FX trading, dominate —1/3 of the - $4tn FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; Bilal Hafeez, George Saravelos, and global team, DB FX Strategists] Equities— Leverage the analysts/strategists within DB Global Markets Research division, Trade

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis

ers as to the potential impact of any regulatory provisions noted in this article upon their respective businesses. The author would like to thank Bilal Hafeez and Matt Holmes for their help in writing this report. Deutsche Bank Securities Inc. Page 17 EFTA01464337 30 July 2013 Exchange Rate Perspecti